In today’s briefing:
- Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (May and June 2024)
- ABL Bio Capital Raise of 140 Billion Won
- Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares
Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (May and June 2024)
- In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in May and June 2024.
- On average, the share buyback announcements for the 13 companies that announced share buybacks in Korea represented 1.7% of outstanding shares.
- Major companies that have announced share buybacks in Korea in the past two months include Celltrion Inc (068270 KS), SK IE Technology (361610 KS), and NCSOFT Corp (036570 KS).
ABL Bio Capital Raise of 140 Billion Won
- On 2 July, ABL Bio (298380 KS) announced a capital raise worth 140 billion won.
- The capital raise involves 5.77 million new shares (10.7% of outstanding shares post capital raise) at 24,229 won per share (current price is 24,150 won).
- The proceeds from the capital raise will be used to develop next-generation ADCs (Antibody Drug Conjugates), including bispecific antibody ADCs.
Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares
- Samsung Biologics (207940 KS) has signed the largest ever single CMO contract worth KRW1.46T ($1.1B) with an undisclosed U.S.-based pharmaceutical company. The contract value represents ~40% of 2023 standalone revenue.
- Within the first half of the year, Samsung Biologics has secured order worth of KRW2.6T, compared with order win of KRW3.5T in full-year 2023.
- Samsung Bioepis has received FDA approval for Stelara biosimilar Pyzchiva, which is expected to marketed in early 2025. So far, the FDA has approved two other biosimilars of Stelara.
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