Samsung's biotech drug manufacturer is looking to raise $2 billion in its IPO

SEOUL, Oct 4 (Reuters) - #Samsung #BioLogics Co Ltd, a contract manufacturer of biotech drugs for global pharmaceutical firms, said on Tuesday its initial public raising could raise up to $2 billion in an offering set to be the country's third-largest IPO. The Samsung Group, under new de facto leader Jay Y. Lee, has been keen to strengthen its biopharmaceutical businesses as the smartphones-to-construction business empire hunts for new sources of growth. The offering is primarily aimed at funding an ambitious expansion in production capacity to make BioLogics the world's largest contract manufacturer of biotech medicines. It will also funnel more resources to unlisted unit Samsung Bioepis, which aims to beat rivals to market with its lower-cost copies of some of the world's top-selling biotech drugs called biosimilars.

http://www.businessinsider.com/samsungs-biologics-ipo-2016-10