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Pharmaceuticals

Samsung Biologics bumps Hyundai from Korean market's top 3

Drugmaker's market cap surges to $31bn on lucrative virus treatment deal

Samsung Biologics benefits from the clean room expertise of fellow group member Samsung Electronics. (Photo courtesy of Samsung Biologics)

SEOUL -- Samsung Biologics has become South Korea's third-most-valuable company, besting the much larger Hyundai Motor thanks to its status as a rare winner in the coronavirus economy.

The drugmaker's shares soared this month after it won an order worth up to $362 million from a U.S. company developing antibody treatments for the virus.

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