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Celltrion Pharmaceutical company has finally completed merging with its Celltrion Healthcare affiliate. This comes after the board of directors has given the “go-ahead” signal for the merger on Thursday, Dec. 28.
The unification of Celltrion and Celltrion Healthcare happened three years after the plan was first announced by the former. According to Korea Joongang Daily, the newly formed entity, following the completion of the affiliation, will then proceed to go into another merger process, this time with Celltrion Pharm. This second deal is expected to be completed sometime next year.
New Unified Entity to Enter Another Merger Deal
The new company was formed after Celltrion and Celltrion Healthcare were successfully consolidated into one entity. This will be merged with Celltrion Pharma, and the resulting new organization will have Celltrion Holdings as its largest shareholder with a 21.5% share.
In any case, it was mentioned that Celltrion’s founder and chairman, Seo Jung Jin, still has a 98.1% stake in the group’s holdings firm. As three firms are being consolidated with this succession of mergers, the company is aiming to reach KRW2 trillion won or about $9 billion in annual revenue by the year 2030.
“Celltrion was able to secure massive funds through the merger and will invest them in our new future growth engines like biosimilars, new drug development and mergers and acquisitions,” Celltrion commented.
Appointment of Three CEOs for the Merged Company
The integrated Celltrion company is set to be managed by three chief executive officers. Korea’s Alphabiz reported that the appointed executives include Ki Woo Sung, who will supervise the manufacturing and development division; Kim Hyung Ki, who will be assigned to manage the global sales unit; and Seo Jin Seok, who will become head of the business management unit.
Celltrion will start operating as a representative system for the three chiefs soon.
Photo by: Celltrion Media Center
