Yuen Foong Yu Paper Manufacturing Co (永豐餘), one of Taiwan’s leading paper makers, is planning to list subsidiary TaiGen Biotechnology Co (太景生技) on the local bourse in two years, the biotech firm said yesterday.
TaiGen, established in 2001, said it would register in the Cayman Islands before launching a primary listing as a foreign company in the local stock market.
As part of its preparations for listing, TaiGen will restructure its capital and revise internal rules on incorporation at its annual general meeting scheduled for next month, the company said.
An exact timetable for the listing will depend on market conditions and the progress it makes developing new drugs, it said.
Riding the wave of stem cell research worldwide, TaiGen has stepped up efforts in developing a new drug named TG-0054, a stem cell mobilizer for stem cell transplantation and tissue repair.
The company has completed the first phase of trials on healthy subjects of the stem cell mobilizer and is undertaking a second trial on cancer patients.
Market analysts said TaiGen is a research-based biotech company that focuses on developing new drugs and caters to the global medical sector. It is different from many of the other local biotech firms that only sell food supplements in the domestic market.
TaiGen is financially strong, given its numerous rich shareholders in addition to Yuen Foong Yu, according to analysts.
On Taigen’s Web site, the National Development Fund (國發基金), Shin Kong Life Insurance (新光人壽), China Development Industrial Bank (中華開發工業銀行) and Taiwan Sugar Corp (台糖) are listed as shareholders.