 |
[Alpha Biz=(Chicago) Reporter Paul Lee] Celltrion, a major biopharmaceutical developer in Korea, has decided to buy back its shares for the fourth time this year.
Celltrion held a board meeting on the 5th and decided to buy 50 billion won worth of treasury stock. Celltrion explained that it decided to buy additional treasury stocks to stabilize stock prices and enhance shareholder value.
Despite recent efforts to secure future growth engines, including a series of applications for overseas licenses for biopharmaceuticals (biosimilar) products, it is believed that the company's market value continues to be undervalued due to market instability.
The treasury stock to be purchased totaled 333,556 shares. The estimated acquisition amount is about 50 billion won, and the acquisition of treasury stocks will be carried out through in-house purchase from the 6th.
Celltrion has decided to buy back its own shares for the fourth time this year, following February, March and June. On the 30th of last month, the third treasury stock purchase was completed in six business days. Celltrion plans to purchase treasury stocks as soon as possible. With this additional purchase decision, the company will acquire a total of 1,305,376 shares this year alone, worth about 200 billion won.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
