June 19, 2020 / 8:44 AM / 17 days ago

UPDATE 1-SK Biopharmaceuticals prices at top of range for S.Korea's biggest IPO in 3 yrs

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SEOUL, June 19 (Reuters) - Drugmaker SK Biopharmaceuticals Co Ltd priced its initial public offering on Friday at the top of its indicative range, aiming to raise 959 billion won ($794 million) in South Korea’s biggest IPO in three years.

SK Biopharmaceuticals in November became the first South Korean company to receive U.S. Food and Drug Administration approval for an independently developed drug, called Xcopri, which is a treatment for epilepsy.

The drugmaker seeks to revive an IPO market hit by geopolitical concerns and fears of another outbreak of COVID-19.

SK Biopharmaceuticals’ shares priced at 49,000 won, the top end of a range of 36,000-49,000 won per share indicated in a regulatory filing earlier this month.

The pricing values the company at 3.8 trillion won.

It will be the largest IPO in Seoul since Celltrion Healthcare raised 1 trillion won in its offering in July 2017.

SK Holdings Co Ltd will own 75% of the company after listing, expected on July 2. ($1 = 1,207.9000 won) (Reporting by Joyce Lee; Editing by Jan Harvey and Susan Fenton)

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