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    Home ยป Celltrion Inc. Shares Surge after Merger with Celltrion Healthcare
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    Celltrion Inc. Shares Surge after Merger with Celltrion Healthcare

    January 1, 20242 Mins Read
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    South Korean biosimilar company, Celltrion Inc., experienced a significant increase in its shares following a merger with marketing affiliate Celltrion Healthcare.

    On Tuesday afternoon, the company’s stock soared by as much as 20% to 241,000 won ($186.17), marking its largest daily gain since March 31, 2020. This surge came as the benchmark Kospi also rose by 0.6%.

    The rally in the stock price was driven by Celltrion’s announcement after the market closed on Thursday, which coincided with the final trading day of 2023 in Seoul. The company’s board approved the merger and appointed new co-chief executives.

    Under the merger, each share of Celltrion Healthcare has been exchanged for 0.449 new shares of Celltrion Inc. These new shares are set to commence trading on January 12.

    According to a research note from Daishin Securities, the merger is expected to enhance transparency within the biotech company by simplifying its transaction structure and improving cost competitiveness. The note also highlighted that the combined resources could potentially lead to significant investments.

    Although the company may face post-merger costs related to inventory assets and amortization, KB Securities analyst Kim Hye-min stated in a recent research note that the market has already taken these factors into account.

    Kim anticipates that Celltrion will maintain strong revenue growth in the coming years, driven by its biosimilar products such as Remsima SC and Yuflyma. Her projections estimate a revenue increase of 10.2% to KRW2.692 trillion and a 14.5% rise in operating profit to KRW926.70 billion for the year 2024.

    Celltrion has also expressed its aim to achieve an annual revenue of KRW12 trillion by 2030.

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