[IPO] Celltrion Healthcare seeks to acquire US biotech firms
[THE INVESTOR] Celltrion Healthcare, the marketing affiliate of biosimilar market Celltrion, is scouting acquisition targets in the US biotech industry to add promising new drug candidates to its portfolio, the company’s chief executive said on July 14.
“In order to join global top-tier marketing and sales firms, we are on the lookout for overseas investment opportunities including acquisition, joint ventures and new partnerships,” Celltrion Healthcare CEO Kim Man-hoon told reporters at a press conference held in Seoul ahead of the company’s planned listing on KOSDAQ on July 28.
“By taking over US biotech firms, we expect to boost Celltrion Healthcare’s brand awareness and market share.”
Executive Director Kim Jae-hyun told The Investor that biotech startups with pipelines for new treatments with the potential to sell well in the US are the main targets. “We also won’t rule out chemical drug candidates, but biological-based therapies are the desirable option because our affiliate Celltrion owns production facilities and is specialized in the sector.”
Celltrion Healthcare is the exclusive distributor for Celltrion’s biosimilar treatments. It is now looking to bolster its presence in lucrative pharmaceutical markets like the US and Europe that started tapping a few years ago.
In the US, Celltrion Healthcare sells two biosimilars developed by Celltrion -- Inflectra and Truxima -- referencing Johnson & Johnson’s blockbuster autoimmune disease treatment Remicade and Roche’s lymphatic cancer drug Rituxan, repectively.
Meanwhile, Celltrion Healthcare aims to raise up to 1 trillion won (US$881.83 million) from its upcoming initial public offering. It will sell 24,604,000 new shares at an indicative price range of 32,500 won to 41,000 won. It will set the IPO price on July 17. Mirae Asset Daewoo and UBS are advisors for the listing.
By Park Han-na (email@example.com)