Bridge Biotherapeutics has passed the regulatory agency’s preliminary review to be listed on the Kosdaq market. The Korea Exchange (KRX)’s Kosdaq Market Committee decided on the passage of the biotech firm at a meeting on Thursday.
The company will submit the registration statement to the KRX and go public in December. The lead underwriters of the initial public offering (IPO) are Daishin Securities and KB Securities. It is the third time that the company tries to be listed on the Kosdaq.
The company had resorted to the KRX’s policy for easier listing for firms with exceptional technologies in the first two attempts but failed to meet the standard in technology assessment. In July, however, the tide turned as Bridge Biotherapeutics signed a 1.5 trillion won ($1.27 billion) worth of licensing-out deal with Boehringer Ingelheim.
After the deal, two rating agencies gave the firm an “A” rating, respectively.
However, the company is seeking IPO, not through the technology exception policy but the growth potential exception policy.
Bridge Biotherapeutics is a no-research-development-only (NRDO) firm, which introduces a new drug candidate for further development and licenses out the candidate to a large pharmaceutical company.
The company licensed out its drug candidate BBT-401 for ulcerative colitis to Daewoong Pharmaceutical last December. This past July, it also licensed out the drug candidate BBT-877 for idiopathic pulmonary fibrosis to Boehringer Ingelheim.