Genscript shares slump 12pc on proposed spinoff of Probio Technology

GenScript Biotech Corporation (1548) saw its shares plunge nearly 12 percent in early trading on Friday after announcing a proposed spin-off and separate listing of its subsidiary Probio Technology on the main borad.

The arm operates Genscript's biologics and advanced therapy contract research, development, and manufacturing organization services, according to an exchange filing.

The company said it submitted an application to the Stock Exchange on August 14, while details of the proposed spin-off have yet to be finalized

After the proposed spin-off is completed, the biotech firm noted that it will continue to hold a controlling interest in ProBio, which will remain a subsidiary of the company, and its financial results will continue to be consolidated into the group's financial statements.

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