South Korea’s SK Group is pushing for another initial public offering (IPO) of its health care affiliate SK Bioscience, just a month after SK Biopharmaceuticals’ record-breaking stock market entry last month.

SK Bioscience, a vaccine developer that was spun-off from SK Chemical in July 2018, will reportedly file for listing next year.

NH Investment & Securities Co Ltd (NHIS) and Korea Investment & Securities Co Ltd (KIS) were the underwriters responsible for the blockbuster IPO of SK Biopharmaceuticals, a drug company that specialises in research and development of treatments for central nervous system disorders.

SK Biopharmaceuticals shares were 323 times oversubscribed, buoyed by the fact that it already has approval from the US Food and Drug Administration for solriamfetol and cenobamate.

SK Bioscience is a vaccines research and manufacturing business that is pursuing Covid-19 vaccines research under a state-run project.

The Bill & Melinda Gates Foundation funded $3.6 million for SK Bioscience’s efforts to peg an optimal antigen for Covid-19.

On top of its own research, SK Bioscience recently signed contract with AstraZeneca to contract manufacture the latter’s Covid-19 vaccines in South Korea upon successful completion of development.

SK Bioscience has experience in successful development of cell-cultured flu vaccine, cervical cancer vaccine and paediatric enteritis vaccine. It also has its own good manufacturing practice-abiding facility.

A company official said that SK Bioscience’s IPO will be carried out if it receives a “fair evaluation of its corporate value”.

SK Bioscience is 98.04 per cent owned by SK Chemical, which is 33.47 per cent owned by SK Discovery, which is 40.18 per cent owned by SK Discovery vice-chairman Chey Chang-won.

Chey Chang-won is a cousin of SK Group chairman Chey Tae-won, who has 18.44 per cent stake in SK Holdings.

THE KOREA HERALD/ASIA NEWS NETWORK