May 04, 2024

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[THE INVESTOR] Celltrion Holdings, the holding unit of Korean biosimilar powerhouse Celltrion Group, plans to issue about 200 billion won (US$177 million) convertible bonds in its renewed push for overseas buyouts, according to the Korea Economic Daily on Oct. 27.

The bonds that can be converted into the firm’s KOSDAQ-listed shares will be purchased by CVC Capital, a leading private equity firm based in Seoul. With the planned purchase, the PEF will become the second-largest shareholder of Celltrion Holdings. 

Seo Jung-jin

Celltrion Chairman Seo Jung-jin told shareholders last month, “We will seek overseas M&As. We plan to purchase firms that own a competitive drug pipeline or those who have marketing capabilities to better promote our drugs.”

The report said CVC Capital Chairman Lim Suk-jeong, an investment veteran, is likely to join the board of Celltrion Holdings to support its M&A push.

Celltrion has reportedly contacted several bio venture firms for possible buyouts, including a licensing deal for technology transfer. It has also sought to diversify its retail network that has thus far been dependent on large pharmaceutical firms such as Pfizer.

By Lee Ji-yoon (jylee@heraldcorp.com)