Cleary Gottlieb represented Samsung BioLogics Co., Ltd. and Samsung Electronics Co., Ltd. (the selling shareholder) in Samsung BioLogics’ Won 2.2 trillion (approximately $2 billion) IPO of common shares.
The transaction was Korea’s largest IPO in six years and was the third-largest IPO in Korean history. Citigroup, Korea Investment & Securities, Credit Suisse, J.P. Morgan and NH Investment & Securities served as joint bookrunners. The shares were sold through a public offering in Korea and a Rule 144A/Reg. S offering elsewhere.
The deal priced on October 28, 2016, and closed on November 7, 2016. The shares began trading on the KRX KOSPI Market of the Korea Exchange on November 10, 2016, and the company was ranked as the 25th-largest company by market capitalization among companies listed on such exchange on November 11, 2016.
Samsung BioLogics is one of the world’s fastest-growing companies in the large-scale biologics contract manufacturing industry and is expected to become the largest manufacturer globally by 2018 in terms of installed upstream capacity. Samsung BioLogics also engages in the development and commercialization of biosimilar drugs through its joint ventures.