Simpson Thacher represented SK Biopharmaceuticals Co., Ltd. (“SK Biopharmaceuticals”), as issuer, and SK Holdings Co., Ltd. (“SK Holdings”), as selling shareholder, in connection with SK Biopharmaceuticals’ initial public offering and listing on the KRX KOSPI Market, which included an international offering pursuant to Rule 144A and Regulation S.
The offering raised an aggregate of Won 959.3 billion (approximately $800.1 million) for SK Biopharmaceuticals and SK Holdings, marking the largest initial public offering in Korea since 2017. Citigroup Global Markets Korea Securities Limited, NH Investment & Securities Co., Ltd., Morgan Stanley & Co. International PLC, Seoul Branch., Korea Investment & Securities Co., Ltd., SK Securities Co., Ltd., and Hana Financial Investment Co., Ltd. acted as underwriters for the offering.
SK Biopharmaceuticals is a global biopharmaceutical company focused on discovering, developing and commercializing novel drugs for the treatment of CNS disorders. SK Biopharmaceuticals possesses a comprehensive portfolio of CNS products and product candidates, and its lead product is Cenobamate (brand name XCOPRI®), a novel anti-epileptic drug for which SK Biopharmaceuticals received U.S. Food and Drug Administration (“FDA”) approval in November 2019 and commercially launched in the U.S. in May 2020. SK Holdings is the holding company of SK Group, Korea’s third largest business group in terms of combined assets as of May 3, 2020.
The Simpson Thacher team for the offering included Jin Hyuk Park, Joongwon Park, Heesu Kim and Chanik Park (Corporate – Hong Kong); Jonathan Cantor and Nicole M. Humphrey (Tax); Vanessa K. Burrows (FDA Regulatory); Alysha Sekhon (IP); and Jeanne M. Annarumma and Kerri Thompson (ERISA).