Samsung Bioepis, a biosimilar drug developer subsidiary of South Korea’s Samsung Group, said Monday that it is planning to debut on the U.S. stock market by June 2016.

The company will choose an advising firm to lead its Nasdaq listing by mid-August and begin the related legal processes from early September, according to Samsung.

The biopharmaceutical firm aims to be listed by the second quarter of next year, when it is expected to receive regulatory approval to begin selling its biosimilar versions of renowned rheumatoid arthritis treatment drugs Enbrel and Remicade in Europe.

Though the size of the listing will depend on stock market conditions, if the company is valued at 8 trillion won to 10 trillion won ($6.87 billion to $8.59 billion) and lists 10 to 20 percent of its shares, an initial public offering could raise up to 2 trillion won. 

Bioepis said it is looking to reach its target valuation of at least $8 billion and use the funds raised for the research and development of seven new biosimilar drugs.

By Sohn Ji-young (jys@heraldcorp.com)