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By Frances Yoon
FRANKFURT (Dow Jones) – The shares of the South Korean company SK Bioscience rose sharply when they made their debut on the Korea Exchange on Thursday. In early trading, SK Bioscience rose to 169,000 won, an increase of 160 percent over the issue price. The vaccine developer’s initial public offering in Seoul was the largest in nearly four years and met with great demand. The shares on offer, valued at US $ 1.3 billion, were in demand in excess of US $ 56 billion.
SK Bioscience is conducting clinical studies for a vaccine against new coronavirus strains, such as variant B.1.351, which was first identified in South Africa and also detected in the USA. New data suggest that this variant is better able to evade antibodies. SK Bioscience also produces Astrazeneca’s corona vaccine.
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(END) Dow Jones Newswires
March 18, 2021 3:35 AM ET (07:35 GMT)