April 20, 2024

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[THE INVESTOR] A newly established private equity fund led by a former JP Morgan Korea chief has acquired a 3 percent stake in Celltrion Holdings, becoming the second-largest shareholder of the unlisted holding firm that controls biosimilar drug maker Celltrion Group.

The fund run by SJL Partners acquired 200 billion won (US$184 million) worth convertible bonds of Celltrion Holdings to attain the stake. Domestic institutional investors including NH Investment and Securities and Shinhan Bank have also joined the fund. 

Celltrion Holdings will use the proceeds to repay 130 billion won to Celltrion Healthcare, its marketing and distribution arm, and also invest in new businesses. The firm had taken out the loan on Feb. 8 to meet legal requirements for a holding company to own at least 20 percent of the shares issued by its listed subsidiary.

In 2017, Celltrion Holdings was fined for owning only 19.76 percent, and subsequently bought 400,000 more shares in KOSPI-listed Celltrion. Celltrion Holdings has a 20.09 percent stake in Celltrion.

Celltrion Group is led by founder Seo Jung-jin, the largest shareholder of Celltrion Holdings with a 93.86 percent stake. SJL Partners was founded by Lim Suk-jung in January 2018. Previously, he led UK-based CVC Capital Partners’ Korean office.

By Park Ga-young (gypark@heraldcorp.com)