SkyLabs Leads with Ring-Type Blood Pressure Monitor… All Eyes on IPO SuccessThe first key player to watch in the August pharmaceutical and biotech initial public offering (IPO) market is SkyLabs. SkyLabs recently submitted a securities registration statement to the Financial Services Commission and has begun the public offering process for its KOSDAQ listing.
Following a subscription period for retail investors on the 13th and 14th, the company is scheduled to list on the KOSDAQ market on the 19th. Through this offering, the company aims to raise funds by issuing 2 million new shares. The target offering price range is 13,000 to 16,000 won per share, with the total offering size expected to be between 26 billion and 32 billion won. Korea Investment & Securities is serving as the lead underwriter.
SkyLabs’ flagship product is the ring-shaped blood pressure monitor “CART BP.” It is designed to continuously measure changes in blood pressure during daily life once the user wears the device on their finger. Unlike the conventional method of measuring blood pressure at specific times in a hospital, its key feature is the ability to continuously monitor blood pressure fluctuations based on daily activities such as sleep, exercise, and work.
The product lineup includes: △ “CART BP Pro” for outpatient use, △ “CART On” for in-hospital use, and △ “CART BP” for general consumers. SkyLabs has independently developed core technologies ranging from artificial intelligence (AI) algorithms that analyze photoplethysmography (PPG) biosignals to ring-type medical device hardware and software for integrating medical data. The company highlights its competitive edge in having established the entire process—from product planning to commercialization—in-house, without relying on external technology transfers or joint development.
The company entered the domestic prescription market by supplying ‘Cart BP Pro’ through DAEWOONGPHARMACEUTICAL’s network of hospitals and clinics. Rather than attempting to overcome the high barriers to entry in the hospital market solely by expanding its direct sales organization, the company has adopted a strategy of partnering with major pharmaceutical and medical device companies to reduce the burden of initial fixed costs and enhance product credibility. In the general consumer market, it is collaborating with Kakao Healthcare, and overseas, it is working to establish distribution networks primarily through partners such as Omron Healthcare and Otsuka Pharmaceutical in Japan.
The company is moving toward commercialization by supplying Kart BPI to the hospital and clinic prescription market. Unlike typical biotech companies listed under the technology exception category—which tend to justify their corporate value based on clinical-stage pipelines or future technology transfer potential—SkyLabs is cited as an attractive investment opportunity because it is demonstrating revenue growth through products already on the market. In fact, SkyLabs’ revenue last year exceeded 7.9 billion won, nearly doubling from the previous year.
Of course, the company’s high dependence on a specific distributor remains a challenge to address. Last year, revenue related to DAEWOONGPHARMACEUTICAL totaled 7.792 billion won, accounting for 98.2% of total revenue. Although the end users are distributed across hospitals and clinics nationwide, the accounting structure concentrates revenue in a single entity; therefore, changes in DAEWOONGPHARMACEUTICAL’s sales strategy or contract terms could directly impact SkyLabs’ financial performance. However, SkyLabs stated in its securities filing, “We are pursuing diversification of sales sources and channels through the expansion of non-exclusive B2C distribution for CART BP, a consumer-grade product; the potential for platform diversification for CART ON; and the expansion of overseas distribution partnerships centered on the Japanese, British, and European markets.”
Signing distribution agreements with Omron Healthcare—the global leader in blood pressure monitor market share—as well as Japan’s Otsuka Pharmaceutical and major blood pressure monitor manufacturers and distributors based in Germany is also seen as a strategy to mitigate this concentration.
Some analysts suggest that the outcome of this public offering could serve as an indicator of the sentiment in the pharmaceutical and biotech IPO market for the second half of the year. A securities industry official said, “In the recent IPO market, the bar for listing has risen significantly, as investors are scrutinizing not only technological capabilities but also whether a company is generating revenue and has concrete monetization pathways,” adding, “The success of SkyLabs’ public offering and the post-listing stock price performance could influence how biotech and healthcare companies preparing for listings in the second half of the year set their offering prices and formulate their listing strategies.”
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ather in Korea… CPHI and GBC to Be Held Back-to-BackAt the end of the month, domestic and international pharmaceutical and biotech companies, regulatory agencies, and investors will converge on Seoul. “CPHI Korea 2026,” the global pharmaceutical, biotech, and functional food industry exhibition, will be held at COEX in Seoul from the 25th to the 27th. CPHI is a business-to-business (B2B) exhibition covering the entire pharmaceutical industry supply chain, including active pharmaceutical ingredients (APIs), finished pharmaceutical products, contract development and manufacturing organizations (CDMOs), pharmaceutical manufacturing equipment, and health functional foods. Conferences, seminars, and one-on-one business consultation programs will also be held.
The focus of the event is on direct communication between participating companies and buyers, rather than simply showcasing products. The organizers will operate an official online matchmaking platform where exhibitors and visitors can review each other’s company and product information and coordinate on-site meetings in advance. They have also established a “Buyer Recruitment Program” to connect exhibitors with international buyers recruited through the global CPHI network, as well as a support system allowing companies to invite potential domestic and international business partners.
For domestic active pharmaceutical ingredient (API) and CDMO companies, this presents an opportunity to secure new clients and enter overseas supply chains. As global pharmaceutical companies diversify their production bases and API sourcing channels in response to geopolitical uncertainties and supply chain risks, a key point of interest will be whether domestic companies can leverage their production quality, on-time delivery capabilities, and price competitiveness to convert business consultations into actual orders.
For biotech companies developing new drugs, this is also an opportunity to explore possibilities for technology transfer and joint development with overseas pharmaceutical companies. They can follow up on discussions initiated at events such as the first-half JP Morgan Healthcare Conference and Bio USA with subsequent meetings, or identify new negotiation partners by providing detailed explanations of the development stage and clinical plans for their candidate compounds. In particular, CPHI’s online exhibitor directory is linked to a global integrated platform with over 100,000 registered pharmaceutical companies worldwide, enabling the identification of potential partners even after the event concludes.
From the 26th to the 28th, the “2026 Global Bio Conference” (GBC), hosted by the Ministry of Food and Drug Safety, will be held at the Parnas Hotel in Seoul. This year’s theme is “A Giant Leap in Biopharmaceuticals: Accelerating Innovation.” Domestic and international biopharmaceutical experts, companies, researchers, and regulatory officials are expected to gather to share global industry trends, future outlooks, and recent regulatory issues.
The GBC is an event where representatives from industry, academia, government, and research institutions—both domestic and international—discuss development trends and regulatory issues in the biopharmaceutical sector and seek international regulatory harmonization. This year, the conference will again discuss strategies for the sustainable growth of the biotech industry through lectures covering policy, technology, and industry trends, as well as networking programs between organizations and companies.
In addition, extraordinary general meetings of shareholders will be held to reorganize corporate structures. The most closely watched event is the extraordinary general meeting on the 21st to approve the merger between Huons Co., Ltd.(243070)and Huons Co., Ltd. On that day, Huons Co., Ltd. and Huons Lab will each hold a vote on whether to approve the merger agreement.
Previously, the holding company, Huons Global Co., Ltd.(084110), had planned to hold an extraordinary general meeting on July 3 to gather shareholders’ opinions on the merger between the two subsidiaries. However, the meeting was postponed due to concerns that confusion might arise regarding the exercise of voting rights by general shareholders, as the government’s guidelines on dual listings had not yet been finalized at that time.
Huons Co., Ltd. plans to absorb Huons Lab, an unlisted affiliate, through a merger to bring its biopharmaceutical R&D capabilities and pipeline in-house. Rather than listing Huons Lab separately, the company intends to merge it with the existing listed company, Huons Co., Ltd., to establish a business structure spanning R&D, production, and sales. Through the merger, the company aims to secure a new drug pipeline and strengthen its capabilities across the entire biopharmaceutical lifecycle.
AriBio LAB will hold an extraordinary general meeting on the 5th to discuss agenda items such as the appointment of directors. DRTECH Corporation, a company specializing in digital X-ray and medical imaging equipment, will hold an extraordinary general meeting on the 6th. The main agenda items include amendments to the articles of incorporation and procedures related to a stock consolidation.
