SEOUL, – Celltrion Inc.’s Chairman Seo Jung-jin on Monday reaffirmed the company’s plan to push for an additional merger with its chemical drug-producing affiliate Celltrion Pharm Inc. next year, after finalizing the integration with Celltrion Healthcare Co.

“After completing the first phase of integration, we will begin preparations for a merger with Celltrion Pharm within six months to become a comprehensive pharmaceutical company next year,” Seo said in a press conference.

Earlier this week, the South Korean pharmaceutical giant got a nod from its shareholders to merge with its sales and marketing affiliate Celltrion Healthcare.

The move came three years after Seo mentioned a plan to integrate the group’s three listed firms – Celltrion, Celltrion Healthcare and Celltrion Pharm – in a bid to become a global drugmaker that produces biosimilars and new drugs by strengthening its cost competitiveness and diversifying its pipeline.

With shareholders’ approval, Celltrion is expected to fully absorb Celltrion Healthcare on Dec. 28, and shares of the new company will be available for trading on Jan. 12 next year.

Seo also told reporters that Celltrion expects to see its annual sales jump 50 percent to reach 3.5 trillion won (US$2.6 billion) next year and 12 trillion won by 2030, largely thanks to the planned mergers and the scheduled release of its new autoimmune disease treatment Zymfentra, which won the U.S. Food and Drug Administration’s approval Monday.

The company posted an annual revenue of 2.3 trillion won in 2022.

Celltrion plans to launch five additional biosimilar pipelines by 2025 to expand its biosimilar portfolio to 22 by 2030.

For Zymfentra, Celltrion’s chief said the company has begun negotiations with U.S. buyers and plans to finish the talks within this year.

The price of the drug is expected to be similar to that of its competitor Entyvio, developed by the Japanese pharmaceutical firm Takeda, he noted.

The business tycoon also unveiled his plan to list Celltrion Holdings, the parent company in which Seo holds a 98 percent stake, on the stock market as an investment company for the bio-health care industry.

Upon completion of the Celltrion-Celltrion Healthcare merger, Celltrion Holdings will hold a 21.5 percent stake in the combined entity, and the combined entity will own 54.8 percent of Celltrion Pharm.

Celltrion is the 14th-largest company on the main KOSPI bourse in terms of market capitalization at about 22 trillion won.

Source: Yonhap News Agency