SK Biopharm Plunges Over 12% in SK Block Deal

[Asia Economy Reporter Hwang Junho] BioPharm is plummeting following news of a block deal worth 1.1 trillion KRW by its major shareholder SK.

As of 10:51 AM on the 24th, SK Biopharm is trading at 128,000 KRW, down 18,500 KRW (12.54%) from the previous day.

SK announced before the market opened today that it will sell 11% (8.6 million shares) of its SK Biopharm stake through a block deal worth 1.1163 trillion KRW to secure investment funds for new growth engines. After the sale, SK's ownership in SK Biopharm will be 64.02%.

The selling price is 129,800 KRW per share, a 12% discount compared to the previous day's closing price of 147,500 KRW.

SK explained the share sale as "a successful case of investment, nurturing, initial public offering (IPO), and investment recovery," adding that "the recovered investment funds will be reinvested in growth businesses to realize a 'virtuous cycle of investment'." At the same time, SK's stock price rose 1,500 KRW (0.54%) to 277,000 KRW.