SK Bioscience, scheduled to be listed on the 18th… The largest subscription margin ever
“It has no choice but to look different from SK Biopharm’s’employees leave the line’.”
[서울=뉴스핌] Reporter Park Da-young = SK Bioscience’s rush of’the largest subscription margin ever’ attracts extraordinary attention from related industries. This is because SK Biopharm’s executives and staff members are recreated in SK Bioscience.
However, the industry believes that SK Bioscience is different from SK Biopharm. Unlike existing bio companies that focus on R&D, this company has a sustainable profit structure such as consignment production.
The resignation of employees who received stock stocks is another point to watch for this subscription craze.
According to related industries on the 12th, the subscription margin for SK Biosciences was 63 trillion won in general subscription for public offering stocks that lasted for two days from the 9th.
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| [서울=뉴스핌] Reporter Baek Hyuk = Investors are receiving investment counseling at Korea Investment & Securities in Yeouido, Seoul on the afternoon of the 9th, when SK Bioscience’s subscription to general public offering stocks, which is considered one of the key players in this year’s IPO market, began. SK Bioscience, which is offering a public offering for two days from today, has a public offering amount of 1.5 trillion won, the largest since Netmarble in 2017 (2,661.7 billion won). SK Biosciences is receiving high attention as it produces Witan for the Corona 19 vaccine AstraZeneca (AZ). 2021.03.09 [email protected] |
As expectations for the’listing jackpot’ are growing, some are looking to see if executives and employees who have been assigned employee stocks to realize profit margins are leaving the company.
SK Bioscience’s share of employees is 4.45 million shares. As of the end of last year, the number of employees is 591, and an average of 7484 shares per person (65,000 won per share) will be allocated. This means that 486.46 million won per person was put into the subscription.
As predicted by some of the market, if the initial price is set at 130,000 won, which is twice the public offering price, when the public offering price is listed on the 18th, if the upper limit is set to become 169,000 won, the so-called’dasang’, the stock allocated per person will be 1264.79 million won. It has more than doubled, and the average valuation profit per capita is 780 million won.
Since the employee stock ownership of employees is tied to protection deposits that cannot be sold for one year after listing, they have no choice but to leave the company in order to realize the appreciation margin. This was also the reason for the massive resignation of SK Biopharm.
However, in the industry, unlike other bio companies that do only R&D without sales, SK Bioscience is a company that has a substantial profit structure, so it seems that the phenomenon of leaving a pile of resignations is rare. In addition to generating sales, the company’s future value, which has made a’eye stamp’ on the global market with the production of a novel coronavirus infection (Corona 19) vaccine, is clear, so if you wait for more than a year, you can get higher profits.
SK Bioscience is a vaccine specialized company established by spin-off from SK Chemicals in July 2018. The largest shareholder is SK Chemicals, which owns a 98% stake. Its main sales are influenza (flu), chickenpox, and shingles. According to the stock market, by the third quarter of last year, the company achieved a cumulative sales of 158.6 billion won and an operating profit of 26.8 billion won.
In addition, the company is conducting clinical trials of 10 vaccines, including pneumonia, typhoid fever, pediatric enteritis, and cervical cancer. In the situation of the Corona 19 pandemic, it has also won a contract for Vaccine Consignment Production (CMO). AstraZeneca and NovaVax are producing a COVID-19 vaccine.
In the case of the Corona 19 vaccine, the industry estimates that the company’s production volume will reach hundreds of millions of doses. In addition, the company is in charge of distribution of the Corona 19 vaccine produced overseas and coming into Korea.
This is the reason for the analysis that it is inevitably different from other bio companies whose potential is evaluated only by R&D activities without a special profit structure.
The situation is different even compared to SK Biopharm, which was listed in July last year. At the time of listing, SK Biopharm had two pipelines:’Sunosi’ (ingredient name: Soliamphetol), a treatment for sleep disorders, and’Excofree’ (ingredient name: Senobamate), a treatment for epilepsy.
Suno City is a sleep disorder treatment that SK Biopharm has exported to the US pharmaceutical company Jazz Pharmaceuticals, and it is structured to receive ordinary technical fees (royalties) when sales are generated. Excory pursued a strategy to establish a direct sales network in the US, but as it went on sale in May of the same year, a stable profit structure was not established.
SK Biopharm is unable to avoid losses due to the structure of new drug development, where investment in research and development is large. The sales earned last year were 157.7 billion won, and the operating loss was 239.8 billion won. Currently, clinical trials of six candidate drugs for treatment of central diseases are in progress.
SK Biopharm’s upper limit continued for three days after the initial price was set on the basis of the public offering price (49,000 won) on the day of listing, and the stock price rose for a total of five consecutive trading days. The rate of return against the offering price rose to a maximum of 342.9%. At that time, 30 people, which accounted for 30% of all 210 employees, resigned largely after realizing the profits of our own stockholders.
Compared to SK Biopharm, the amount of employee stock ownership per employee is relatively small. SK Biopharm had 210 employees, less than half of SK Bioscience’s 591 employees, who were assigned to employee stock ownership.
An industry insider said, “The vaccine has established a stable profit structure, but the company is solidifying its position in the global market as it suffers from Corona 19. I think that SK Biopharm and SK Bioscience think that the future vision of internal employees will be different. “He said.
Lee Seung-gyu, vice president of the Korea Biotechnology Association, said, “SK Biopharm and SK Bioscience have to see differently. Unlike SK Biopharm, which focuses on R&D, SK Bioscience has a stable profit structure and is a global market. It was also recognized as Corona 19.”