April 24, 2024

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[THE INVESTOR] Celltrion shares continue to slide for the third straight session on Oct. 25 after Singapore‘s sovereign wealth fund Temasek Holdings sold its stake in a block deal worth 895.4 billion won (US$786.50 million).

Shares of the Korean biopharmaceutical firm shed 3.55 percent as of 11 a.m. following consecutive declines of 8.19 percent and 2.9 percent on Oct. 23 and Oct. 24., respectively.

The losing streak comes as Temasek’s sovereign wealth enterprise Ion Investments disposed 3625,000 shares, or 2.9 percent, for 247,000 won per share on Oct. 23, after the lockup period for its previous sale expired last month.

Through two back deals, including one that was worth 754.2 billion won in March, Temasek’s holding in Celltrion has been lowered from 14.3 percent to 9.6 percent.

“We will continue our partnership with Temasek which has been showing trust and interest in the company as a financial investor for a long time,” Celltrion said.

The lockup period for this deal will last 90 days.

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