Celltrion plans to merge with affiliates
SEOUL, Major South Korean biotech company Celltrion Inc. on Friday announced its plan to merge with its two affiliates.
Under the plan, the merger with Celltrion Healthcare Co. and Celltrion Pharma Inc. is aimed at establishing a holding company structure by the end of 2021.
Celltrion said it will speed up the process when requirements for relevant laws regarding anti-monopoly and fair trade are met.
The two affiliates will be under the wing of Celltrion Healthcare Holdings, which was established through Celltrion Group Chairman Seo Jung-Jin’s contribution to boost shareholder value.
Seo, who previously held 35.54 percent of Celltrion Healthcare, now holds 11.21 percent, while Celltrion Healthcare Holdings became the largest shareholder with a 24.33 percent stake.
Earlier, the chairman noted the possibility of the merger on the condition that company shareholders want the plan.
Celltrion is currently conducting phase one clinical trials of its coronavirus treatment on patients, CT-P59, to evaluate the safety and efficacy of the antiviral antibody treatment.
Source: Yonhap News Agency