April 27, 2024

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[THE INVESTOR] Celltrion will repurchase its common shares worth 47.75 billion won in order to stabilize its sliding stock price, the firm said on March 21.

The biopharmaceutical firm’s decision to buy back 500,000 common shares comes as its stock shed 11 percent this month, hit by a series of recent rumors. 

There have been speculations that Celltrion’s relationship with US distribution partner Pfizer became chilly and it plans to issue new stocks, which the firm denied.

Its marketing unit Celltrion Healthcare also snowballed investors’ concerns as its financial accounts have come under scrutiny ahead of its planned initial public offering.

“We have noticed that some malicious speculations about Celltrion are spreading,” the company said it in a press statement.

“We will take measures including disclosing product sales figures in order to prevent damages or distortion of corporate value.”

The stock repurchase will take place from March 22 to June 21.

By Park Han-na (hnpark@heraldcorp.com)