Celltrion scraps merger with Celltrion Pharm

Quick Summary:

Celltrion’s market capitalization stood to 42.8 trillion won, compared with 3.1 trillion won of Celltrion Pharm.By contrast, 67.7% of Celltrion Pharm shareholders voted in favor of the merger, saying the combined entity would grow into a full-fledged biotechnology company and create synergy in new drug development.Celltrion holds a 53.81% stake in Celltrion Pharm.

CONSULTANTS' VIEWS In addition to the shareholder survey, consulting companies that reviewed the proposed merger concluded that their combination would deteriorate Celltrion’s financial conditions and would likely cost more than it spent to purchase shares from shareholders opposing the merger between Celltrion and Celltrion Healthcare last year.

Celltrion said that 58% of the shareholders against their marriage claimed their estimated merger ratio would fail to reflect the company’s fair value, arguing Celltron Pharm is trading far above its corporate value.

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Article Details

Category: Economy

Markets: South Korea

Topics: Drug Combination Value Year Korea Celltrion Merger Companies Celltrion’s Pharm Shareholders

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-16 @ 16:38:55 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 413 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 20 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 22096500

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