HK inno.N Corp. under Kolmar Korea on Monday will price its IPO of 10,117,000 shares at a band of 50,000 won to 59,000 won to raise 597 billion won ($519 million) to complete development of its pipeline of 16 drug candidates in gastroenterology, autoimmunity, infection/vaccine, and oncology for foray to 100 countries by 2028.

“We are in development stage on 16 drug candidates in gastroenterology, autoimmunity, infection/vaccine, and oncology and we hope to license out the novel drugs to about 100 countries by 2028, said CEO Kang Seok-hee on Thursday as he addressed institutions for book-building session for the initial offering on Kosdaq early August.

The company will continue investments in R&D to develop novel therapies and expand sales of health and beauty products.

The company is offering 10,117,000 shares, of which 57 percent are in new shares and the rest coming from its largest shareholder Kolmar Korea with 50.71 percent stake.

It has set up an IPO target price band between 50,000 won and 59,000 won.

Underwriters of JP Morgan, Samsung Securities and Korea Investment & Securities.

The company already set a goal of achieving out-licensing deals in 70 countries by 2023. Talks with potential partners have progressed well in large-sized markets such as Brazil, Malaysia, and Russia. In the U.S., the company is in the process to select a key partner ahead of results of Phase 1 clinical trials according to Kang.

HK inno.N is known for popular pharmaceutical brands such as hangout drink `Condition` and gastroesophageal reflux disease drug ‘K-Cab’.

The company spun off from CJ Cheil Jedang in 2014 was acquired by Kolmar Korea in 2018. The company’s prescription drug business generated more than 90 percent of its total sales last year. Revenue amounted to 598.4 billion won last year, up by 11 percent from a year ago. Operating profit reached 87 billion won, up about 20 percent.

Shares of Kospi-listed parent Kolmar Korea rose 1.6 percent to 56,000 won as of midday.

By Kang In-sun and Minu Kim

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