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Celltrion Healthcare becomes No. 2 big on Kosdaq on debut

Collected: 2017.07.29

Distributed: 2017.07.31

Source: Go Direct

Celltrion Group Chairman Seo Jung-jin (fourth from the left) and Celltrion Healthcare CEO Kim Man-hoon (fifth from the left) are celebrating Celltrion Healthcare’s debut on Kosdaq on Friday. [Photo provided by Korea Exchange]

Celltrion Healthcare Co., marketing and distribution subsidiary of South Korean pharmaceutical company Celltrion Inc. selling blockbuster biosimilar Remsima zoomed past to the second highest market cap rank after its parent company as soon as it joined the secondary Kosdaq market Friday.

The stock closed Friday at 50,300 won ($44.85), gaining 15.23 percent from its initial price offering (IPO) price of 41,000 won. Analysts bet the stock could near 70,000 won within a year.

The newcomer commanding a market value of 6.8 trillion makes up 9 percent of the junior stock market’s total capitalization of 220.5 trillion won together with its parent drug maker Celltrion with value of 13.36 trillion won.

The gap with the third largest Medytox Inc., Korea’s top producer of botulinum toxin for medical uses, is nearly 3 trillion won.

Founded on December 1999, Incheon-based Celltrion Healthcare exclusively distributes biosimilar and biological medicines developed by Celltrion worldwide. Under the sales contract with Celltrion, it is also considered co-developer of all Celltrion products. It works in partnership with 34 companies around the world and sells Celltrion’s biosimilars to over 115 countries.

Celltrion Healthcare is expected to post around 220 billion won in operating profit this year and extend its strong growth momentum. Its operating profit in 2016 jumped 59.5 percent on year to 178.5 billion won last year. Its income largely owes to Remsima, the world’s first EMA and FDA-approved biosimilar version of infliximab. According to IMS Health data, Remsima took 42 percent versus its originator in Europe at the end of March.

By Lee Yong-gun

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