Major bio firm Alteogen seeks to move to main bourse
Alteogen's headquarters in Daejeon / Courtesy of Alteogen
Alteogen, the No.1 market cap company on the secondary KOSDAQ market, said Monday it has decided to move to the country's main bourse in a bid to create stable funding and boost its corporate value.
Its shareholders approved a proposal to move to the KOSPI market earlier in the day, the bio tech firm said.
After being delisted from the KOSDAQ market, Alteogen will submit an application for the KOSPI listing and aim to get listed within next year.
Alteogen, established in 2008, has a pipeline that includes next-generation biobetters
Alteogen's market value stands at some 24.9 trillion won ($17 billion), and the company may be included in the top 30 market cap list of the KOSPI market.
The bio tech firm accounts for some 5 percent of the KOSDAQ market's total market capitalization.
Meanwhile, No.2 market cap on the KOSDAQ market, EcoPro BM Co., is also said to be seeking again to move to the main bourse.
The Korean cathode producer withdrew its earlier plan to move to the KOSPI market in February.
EcoPro BM's market cap stands at some 16.5 trillion won, which accounts for 3.3 percent of the market capitalization.