Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<p>As noted in our Insight <a href="https://www.smartkarma.com/insights/pass-on-the-deal-put-on-the-watchlist" target="_blank" data-smartkarma-citation="insights:6699">Pass on the Deal, Put on the Watchlist</a> one of the underpinnings of the valuation of <a href="https://www.smartkarma.com/entities/22932" target="_blank" data-smartkarma-citation="entities:22932:1">Samsung Biologics Co., Ltd (207940 KS)</a> is its joint venture with US biotech company <a href="https://www.smartkarma.com/entities/972" target="_blank" data-smartkarma-citation="entities:972:1">Biogen Inc (BIIB US)</a> to develop and market biosimilars. Recall that the offering document for the listing disclosed that Samsung BioLogics (SB) de-consolidated Bioepis in 2015 (book gain of US$4B) based on the determination that Biogen’s “potential voting rights were changed to substantive rights” and that…</p>

As noted in our Insight Pass on the Deal, Put on the Watchlist one of the underpinnings of the valuation of Samsung Biologics Co., Ltd (207940 KS) is its joint venture with US biotech company Biogen Inc (BIIB US) to develop and market biosimilars. Recall that the offering document for the listing disclosed that Samsung BioLogics (SB) de-consolidated Bioepis in 2015 (book gain of US$4B) based on the determination that Biogen’s “potential voting rights were changed to substantive rights” and that…

Samsung Biologics

Reconsider the Samsung Bioepis Valuation