South Korean biopharmaceutical firm Celltrion Inc. on Friday said it has decided to be listed on the main bourse after being traded on the tech-heavy KOSDAQ market.
The decision made by shareholders earlier in the day in Incheon, will likely put the drug company within the top 17 in terms of aggregate value of shares among KOSPI companies. At present the total value of the company's shares stands at around 17.5 trillion won ($15.3 billion).
The gathering came after small shareholders called on the company to be listed on the KOSPI, citing its greater vulnerability to short sellers and devaluation on the secondary stock market.
Celltrion`s headquarters in Songdo, Incheon (Yonhap)
Celltrion is forecast to first seek to delist itself from the KOSDAQ while putting in a request for preliminary examination so it can be traded on the KOSPI.
"The switch is forecast to take place sometime in January or February of next year, considering the evaluation process," said Celltrion CEO Kim Hyeong-gi.
Celltrion, which had maintained its market-cap status on the KOSDAQ, said its operating profit soared 79.4 percent on-year in the second quarter of 2017, helped by robust sales of its biosimilar Remsima in overseas markets.
The positive results came after Celltrion began distributing Remsima -- a copy of Janssen Biotech, Inc.'s Remicade -- in overseas markets, such as Europe and the United States.
The company also began selling another biosimilar drug Truxima in Germany and in Britain earlier this year following approval from European regulators. (Yonhap)