In today’s briefing:
- Boston Dynamics – Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ
- SK Bioscience (302440 KS): Strong Base Business and IDT Contribution Drive 2Q25 Performance
Boston Dynamics – Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ
- There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks.
- All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.
- The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.
SK Bioscience (302440 KS): Strong Base Business and IDT Contribution Drive 2Q25 Performance
- SK Bioscience (302440 KS) continues to report business recovery, with 2Q25 base business revenue increasing 22% YoY and IDT Biologika revenue increasing sequentially.
- The company has guided for 2025 revenue of KRW600B+, aided by IDT acquisition. Excluding IDT, base business revenue is expected at ~KRW200B for 2025, up 28% YoY.
- SKBS has built a large-scale commercial production facility which will serve as a production site for GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate.
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