The biotechnology firm managed to place some 25 million shares on the stock market, raising 1,925 million rupees, that is, US$7 million.
In what constitutes a milestone for the biotechnology industry of Argentina and Pakistan, BF Biosciences (ticker BFBIO), a joint venture between Grupo Bagó (Argentina) and Ferozons Biociences of that country, came out yesterday for the first time on the Pakistan Stock Exchange with its Initial Public Offering (IPO).
The stock closed today at 85.86 Pakistani rupees (US$0.30), with a rise of 2.39%, after having traded yesterday at 83.86 Pakistani rupees. In its IPO, it managed to place about 25 million shares, raising about 1,925 million Pakistani rupees, the equivalent of almost US$7 millionabout 77 rupees per share.
The firm achieved a significant jump in its market value on the first day, reaching 83.86 rupees. According to the company, “this step represents a momentous milestone for both the company and the biotechnology industry in the region, consolidating its leadership and vision in the development of high-tech products.”
A bridge between Argentina and Pakistan
Founded in 2006, BF Biosciences became a pioneer in the field of biotechnology, bridging diplomatic and commercial relations between Argentina and Pakistan. In the last two years, the firm has made a significant industrial investment that will allow it to increase its previous production capacity up to ten timestaking the company to new levels of efficiency and productivity. One of the most notable advances is the installation of a new freeze dryer with the capacity to produce 90,000 units per day.
The project, headed by the executive Pliauzer Rallies representing the Bagó Group and Osman Khalid Waheed representing Ferozons, marked the first agreement of its kind between both nations. “This milestone allows us to strengthen biotechnological development and reinforces our commitment to innovation and leadership in the sector,” highlighted Rallys Pliauzer, Director of the Bagó Group and founder of BF Biosciences. “In addition, it encourages us to continue offering high quality products. to improve the health and well-being of people, and contribute significantly to the advancement of science and sustainable development both in the local market and in the Asian region,” he added.
In addition to Pliauzer and Waheed, the IPO ceremony included Farhan Rafiq, COO of BF Biosciences Limited; and Sebastián Sayús, Argentine ambassador to Pakistan. According to reports, the opening of BF Biosciences Limited’s capital on the stock market will facilitate the arrival of a wide variety of investors interested in supporting the development of this industry in Pakistan and taking advantage of growth opportunities in one of the most dynamic sectors such as biotechnology. As noted, the funds raised will be used to expand production capacity, research and development of new products, and improve technological infrastructure.
More than 7,000 employees and 19 industrial plants
Bagó and Ferozons They have been business partners since 2002after the signing of an exclusive distribution agreement, in which Laboratorios Bagó produced and exported from Argentina and Ferozons imported and distributed Bagó products in Pakistani territory.
The Bagó group has more than 7,000 employees and 19 industrial plants in eight countries: Argentina, Brazil, Bolivia, Chile, Mexico, Uruguay, China and Pakistan. Led by the Bagó brothers, Juan Carlos and Sebastián, the group works in numerous human health segments – with Bagó, Montpellier and Nutricia Bagó, among other companies; animal health -with Biogénessis Bagó-; distribution -with Disprofarma, Novofarma and pharmaceutical Intercom-; and insurance -with Seguros Victoria-. Laboratorios Bagó was a pioneer among Latin American pharmaceutical laboratories by developing markets in Asia and the first to build a biotechnology plant on the continent. Its products are present today in more than 50 countries.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
