Samsung Bioepis parent slumps after claim of accounting malpractice
Shares in contract manufacturing organization Samsung BioLogics (KRX: 207940) slumped almost a fifth this week after financial regulators said the biopharmaceutical firm was in violation of accounting rules.
Samsung BioLogics is the parent of biosimilars specialist Samsung Bioepis and itself a subsidiary in the sprawling South Korean Samsung empire. US biotech Biogen (Nasdaq: BIIB) has a small stake in the biosimilars business, with an option to extend this.
The probe was initiated after questions were raised regarding a dramatic turnaround in the firm’s fortunes. Samsung BioLogics had reported losses for four years in a row, but in 2015 said it made a net profit of 1.9 trillion Korean won, equivalent to 1.8 billion US dollars.
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