[THE INVESTOR] Shares of Celltrion and Celltrion Healthcare have dropped more than 6 percent in early trading on March 7 after Temasek Holdings sold its stake in a block deal worth up to 1.1 trillion won (US$1.03 billion).
Ion Investment, which is controlled by Temasek Holdings, sold up to 2,240,000 shares of Celltrion for 336,700 to 347,800 won each and up to 2,290,000 shares in Celltrion Healthcare for 108,654 to 112,236 won on the previous day.
The price is 6-9 percent lower than that before the deal was made public.
Temasek Holdings is estimated to have earned over 1,800 percent returns from its investment in the Korean biopharmaceutical firm and its distribution affiliate since it bought 12,230,000 common shares of Celltrion for 207.9 billion won in 2010 and redeemable convertible preference shares worth 17 billion worth of Celltrion Healthcare in 2011.
Even after the block deal, Temasek remains one of the key shareholders, holding a 12.48 percent in Celltrion and a 10.48 percent in Celltrion Healthcare.
By Park Han-na (email@example.com)