ENZYCHEM’S KOSDAQ LISTING SEES STRONG DEMAND
[THE INVESTOR] Korean drug developer Enzychem Lifesciences’ upcoming relisting on KOSDAQ is getting strong demand from investors, with the target price range more than doubling in a week, according to industry sources on Jan. 23.
Enzychem, the most valuable firm on the nation’s tertiary bourse KONEX, is seeking a relisting on the secondary bourse in February. Currently, its market capitalization stands at 549.6 billion won (US$512.68 million).
The firm, which had planned to set the price range between 27,000 won and 37,000 won, said on Jan. 22 it has almost doubled the target range to between 45,000 won and 70,000 won, citing an overwhelming response from more than 900 institutional investors.
Investor expectations are especially high for the firm’s lead drug candidate EC-18, which is being developed as an oncology drug that offsets side effects of Amgen’s blockbuster drug Neupogen. The drug is currently in phase 2 clinical trials and recently received an orphan drug designation from the US Food and Drug Administration. The firm hopes to commercialize the drug by 2020.
Enzychem also exports active pharmaceutical ingredients for antibiotics and cosmetics products to Japan, India, Pakistan, Russia, the UK, Germany, Peru, Thailand, Taiwan and Malaysia.
By Park Han-na (hnpark@heraldcorp.com)