Biotech corporation Orum Therapeutics is strong in early trading on the 14th, the first day of its KOSDAQ listing.
As of 9:08 a.m. on this day, Orum Therapeutics is trading at 29,950 won, which is 9,950 won (49.75%) higher than the offering price of 20,000 won.
Orum Therapeutics recorded a competition rate of 16.93 to 1 in the demand forecast for institutional investors held from the 17th to the 23rd of last month. A total of 371 domestic and foreign institutions participated. The offering price was confirmed at 20,000 won, about 16.7% lower than the lower end of the desired range (24,000 won to 30,000 won).
In the public subscription period for general investors held from the 4th to the 5th of this month, a competition rate of 2.11 to 1 was observed. 13.2 billion won was collected as subscription deposits.
Orum Therapeutics, which develops cancer treatments through precision-targeted protein degradation technology, was established in 2016. Orum Therapeutics has research institutes in Daejeon and Boston, Massachusetts, and is developing a new drug pipeline based on targeted protein degraders (TPD). It gained attention by exporting technology to global pharmaceutical companies Bristol Myers Squibb (BMS) and Vertex Pharmaceuticals consecutively in 2023 and last year.
CEO Lee Seung-joo said, "We will continue to develop differentiated treatments for patients worldwide by combining the functions of TPD with the precision of antibodies," adding, "Our goal is to achieve 75.1 billion won in revenue by 2026 through additional technology exports for three pipelines, including treatments for blood cancer and small cell lung cancer.