SynCore raises $19.4M in Taiwanese IPO
SynCore Biotechnology Co. Ltd. (GreTai-E:4192) lost NT$15.90 (18%) to NT$70.10 in its first day of trading Tuesday after raising NT$590.6 million ($19.4 million) through the sale of 6.8 million shares at NT$86 in an IPO on the GreTai Securities Market. SinoPac Securities Corp. was the underwriter. The IPO price values the company at NT$5 billion ($165.1 million).
SynCore, a subsidiary of Sinphar Pharmaceutical Co. Ltd. (Taiwan:1734) established in conjunction with Taiwan's National Health Research Institutes, markets Veregen sinecatechins in Taiwan to treat genital warts. The company has Taiwanese commercialization rights to the topical formulation of polyphenols extracted from green tea leaves under an amended 2011 deal with Medigene AG (Xetra:MDG1). ...