[Asia Economy Reporter Dongwoo Lee] Celltrion Group announced plans to merge three companies within the group: Celltrion, Celltrion Healthcare, and Celltrion Pharm. They plan to establish a holding company system by the end of next year.
On the 25th, Celltrion Group disclosed that it established Celltrion Healthcare Holdings to facilitate the merger of the three companies: Celltrion, Celltrion Healthcare, and Celltrion Pharm. The establishment of the holdings company is a preparatory step for the merger, created by Seo Jung-jin, Chairman of Celltrion, contributing his shares of Celltrion Healthcare as an in-kind contribution.
Chairman Seo's stake in Celltrion Healthcare decreased from 35.54% to 11.21%. The holdings company's stake became 24.33%.
Celltrion Group explained that the establishment of the holdings company aims to separate ownership and management and strengthen corporate governance. After meeting the merger requirements, including restrictions on holding companies under the Monopoly Regulation and Fair Trade Act, they plan to establish the holding company system by the end of next year.
With this corporate governance restructuring, Celltrion Group envisions advancing as a leading comprehensive biotechnology company in the global pharmaceutical and bio market.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
