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Korea’s biotech startup Voronoi to go public in March

Voronoi plans to sell 2 million shares at price between 50,000-65,000 won apiece; bookbuilding is on Feb. 24-25

By Jan 25, 2022 (Gmt+09:00)

1 Min read

(Courtesy of Voronoi)
(Courtesy of Voronoi)

South Korea’s biotechnology startup Voronoi Inc. plans an initial public offering in March to raise up to 130 billion won ($108.4 million).

Voronoi on Monday filed a registration statement to list new shares on the country’s junior Kosdaq. The new drug developer is scheduled to float 2 million shares at a price between 50,000 won and 65,000 won apiece. The IPO will likely put its market capitalization at as much as 866.7 billion won.

The company is scheduled to hold a bookbuilding on Feb. 24-25 to set the IPO price, followed by a retail subscription on March 7-8. Korea Investment & Securities Co. and Mirae Asset Securities manage the listing.

Voronoi is the first domestic startup that won approval for an IPO preliminary review by utilizing relaxed regulations for companies with excellent market evaluation, which came into effect in April last year. The authorities allow companies with an expected market cap of more than 500 billion won to file a Kosdaq preliminary review once they get A or higher from only one professional evaluation agency.

The company is developing novel kinase inhibitors and target protein degraders with the aim to treat intractable and rare diseases. Kinase plays an important role in the human body, but when the mutation occurs, it can cause diseases such as cancers. Kinase inhibitors hinder kinases that can be the cause of diseases.

It has 11 pipelines currently and has secured four out-licensing deals including three with overseas pharmaceutical companies since 2020.

Write to Ye-Jin Jun at ace@hankyung.com
Jongwoo Cheon edited this article.
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