Seoul: South Korea's Celltrion Inc. announced its acquisition of the entire stake in the French healthcare company Gifrer, a strategic move aimed at bolstering its footprint within the European Union. The biopharmaceutical giant has not disclosed the financial specifics of the acquisition but intends to complete all administrative processes by the month's end.

According to Yonhap News Agency, Celltrion plans to maintain Gifrer as a standalone entity, securing the employment of approximately 70 Gifrer staff members. Established in 1912, Gifrer offers a diverse range of around 140 over-the-counter pharmaceutical products, including physiological saline solutions, tooth bleach, and various health supplements. Its robust distribution network encompasses over 9,000 pharmacies and around 800 hospitals across France.

The acquisition aligns with recent amendments to France's health insurance policies, which permit pharmacists to substitute biosimilars for prescribed medications under certain conditions, Celltrion noted. This deal is projected to contribute approximately 250 billion won (US$169 million) in additional revenue for Celltrion over the next five years.

Celltrion also revealed plans to explore the distribution of Gifrer products through its global sales channels. The company expressed intentions to pursue further mergers and acquisitions of internationally recognized firms as part of its growth strategy.