Logo of Phnom Penh Post newspaper Phnom Penh Post - South Korean pharmas aim for Nasdaq

South Korean pharmas aim for Nasdaq

Content image - Phnom Penh Post
CoImmune, a joint venture between SCM LifeScience and Genexine, is preparing for an initial public offering (IPO) on the tech-heavy Nasdaq Composite. THE KOREA HERALD

South Korean pharmas aim for Nasdaq

South Korea’s pharmaceutical and biopharma companies are ramping up efforts to get listed on the Nasdaq market, hoping to follow in the footsteps of Korean e-commerce giant Coupang with their US market debut.

According to industry sources on April 1, CoImmune, a joint venture between SCM LifeScience and Genexine, is preparing for an initial public offering (IPO) on the tech-heavy Nasdaq Composite.

CoImmune’s appointment of biotechnology and finance expert Dr Edgardo Baracchini to the company’s board of directors in February was a move to speed up its IPO process, the sources added.

Founded in 2019, CoImmune is a biopharmaceutical company that develops personalised immunotherapies for cancer treatments. The company also has a cGMP manufacturing facility, those capable of supporting clinical studies from phase one through phase three.

GC LabCell, a manufacturer of cell therapy products in South Korea, is also pushing ahead with its US-based affiliate Artiva Biotherapeutics’ IPO.

Active discussions revolving around the Artiva Biotherapeutics IPO began in January when GC Lab Cell and its affiliate pulled off an exclusive collaboration and licence deal with Merck, or MSD, to transfer CAR-NK cell therapy technology in treating solid cancer, such as breast or prostate cancer.

Other reports suggested that bio-similar start-up company Aprogen has also been in discussions with Nomura Securities to look at options of entering the US stock market.

Aprogen is a venture enterprise founded in 2000 that has developed technologies in antibody engineering and recombinant protein engineering.

Other Korean companies that are considering IPOs in the US include Dong-A ST, Yuhan, Rokit Healthcare and L&K Biomed.

The industry sources said that local biohealth companies are hoping to get listed on the Nasdaq market to make inroads into the world’s largest drug market and to ramp up its market capitalisation.

An analyst at Samsung Securities said: “If listed on the Nasdaq market, local pharmaceutical companies could get an upper hand when entering the US market, and they could potentially gain a broader base of financing to pursue growth in the future.”

The US pharmaceutical market is currently valued at around 571 trillion won ($505 billion), accounting for some 40 per cent of the global market’s 1.418 quadrillion won.



  • Tensions high ahead of historic Kun Khmer match up

    The long-awaited November 5 matchup between Kun Khmer legend Prum Samnang and Myanmar-Canadian boxer Dave Leduc has become the most anticipated fight of the year. The Wurkz Sena Kun Khmer promotion, which will be held at the Town Arena at Chip Mong 271 Megamall, will see six

  • Manet: Cambodia safe for travel

    Prime Minister Hun Manet acknowledged that Cambodia and China have cooperated to tackle internet scamming, fraud and other cross border crimes, but insisted that the “Kingdom of Wonders” is completely peaceful and safe. He welcomed tourists to come and explore its rich heritage. During a

  • UNESCO formally list Battambang gastronomy

    Battambang, renowned for its cultural heritage, has achieved a significant milestone as the first Cambodian municipality to join the UNESCO Creative Cities Network (UCCN). The UCCN unites nearly 300 cities prioritising creativity and cultural industries in local development plans and international cooperation. On World Cities Day,

  • Cambodia pivots to solar, wind energy

    Cambodia is planning a move towards solar and wind energy to meet its rising power demands, according to Minister of Mines and Energy Keo Rottanak. On the sidelines of the Singapore International Energy Week event held recently, Rottanak emphasised the urgency of diversifying Cambodia’s

  • Angkor causeway symbol of Cambodia-Japan ties

    In a historic moment marking another milestone in the 70-year-long diplomatic relations between Cambodia and Japan, King Norodom Sihamoni celebrated the formal inauguration of a causeway located to the west of the world-renowned Angkor Wat. While presiding over the November 4 ceremony, the King emphasised the

  • Manet calls for Cambodia’s railways to get back on track

    Prime Minister Hun Manet has instructed the relevant authorities to expedite studies into upgrades to the Phnom Penh to Preah Sihanouk railway line. He suggested that the maximum speed on the line should be increased to 80km/h, in order to expedite the transportation of