[Asia Economy Reporter Kim Ji-hee] Seo Jin-seok, chairman of the board of directors at Celltrion and eldest son of Seo Jung-jin, Honorary Chairman of the Celltrion Group, has been appointed as an inside director of the UK biotech company 'Exsuda Therapeutics (Exsuda)'. Exsuda is a company in which Celltrion recently invested a total of $47 million (approximately 52 billion KRW) together with the Mirae Asset Group. Celltrion is expanding its influence by not only investing in shares but also bringing the owner family onto the board of directors.
According to industry sources on the 21st, Seo Jin-seok, chairman of the Celltrion board, was recently appointed as an inside director of Exsuda. As a member of Exsuda's board, Chairman Seo is expected to participate in the company's major decision-making going forward.
Exsuda is a developer of antibody-drug conjugates (ADCs) that selectively target antigens causing diseases in the human body by combining antibodies with therapeutic drugs. Celltrion signed a contract that could make it the largest shareholder of Exsuda and has already executed half of the investment funds. The remaining investment will be made upon satisfying certain phased conditions.
Celltrion's investment in Exsuda was made as part of efforts to explore business models capable of generating profits beyond the fields of biosimilars and chemical pharmaceuticals. It is expected that Exsuda's ADC technology will not only create synergy with Celltrion's existing antibody therapeutics but also contribute to the development of a wider range of anticancer drugs.
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