SK Biopharmaceuticals falls as SK Holdings sells shares

SK Biopharmaceuticals shares plunged by 17.29 percent Wednesday to 122,000 won ($109.7) as SK Holdings sold shares.

SK Holdings, which held 75 percent in the pharmaceutical unit, sold 8.6 million shares of its subsidiary worth 1.1 trillion won according to its regulatory filing Wednesday.

The company said it sold the stock in an after-hours block deal following board decisions Tuesday to secure funds to invest in new growth engine businesses.

The sale lowers SK Holdings' stake in the pharmaceutical company to 64.02 percent, according to the filing.

Foreigners were largest sellers of the SK Biopharmaceuticals Wednesday, as they net sold 268.9 billion won worth company shares according to data from the Korea Exchange.

Institutional investors offloaded 19.2 billion won worth shares of the pharmaceutical unit, while retail investors net purchased 284.8 billion won worth shares.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]