Samsung's drug-making unit soars on market debut

Seoul

SHARES in Samsung's drug-making unit soared almost six per cent on their market debut on Thursday, after one of South Korea's biggest ever initial public offerings that raised nearly US$2 billion.

Samsung Biologics, a contract manufacturer of biotech drugs for global pharmaceutical firms, surged 5.88 per cent from its IPO price to close at 144,000 won (S$174) in Seoul, putting its total value at about 9.5 trillion won.