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Seo Jung-jin, Honorary Chairman of Celltrion (Photo courtesy of Celltrion) |
[Alpha Biz= Kim Jisun] Celltrion announced Wednesday that Honorary Chairman Seo Jung-jin plans to purchase approximately KRW 50 billion (about USD 38 million) worth of the company’s shares on the open market using personal funds. Seo is set to acquire 306,561 shares of Celltrion stock.
On the same day, Celltrion Holdings—the holding company of the Celltrion Group—and Celltrion Skincure, an affiliate, also disclosed plans to buy KRW 100 billion and KRW 50 billion worth of Celltrion shares, respectively.
Together, Seo and affiliated major shareholders are expected to sequentially purchase a total of KRW 200 billion worth of shares beginning May 9.
The decision follows concerns that Celltrion’s current stock price is significantly undervalued due to recent domestic and international issues. The company stated that Seo’s move reflects confidence in Celltrion’s long-term growth potential and a strong commitment to enhancing shareholder value.
Celltrion also addressed recent market worries surrounding potential U.S. tariffs, noting that such concerns may be overstated. The company emphasized that it has been preparing for these risks since last year, with both short- and long-term contingency plans already in place.
In the short term, Celltrion has relocated over a year’s worth of inventory to the United States. For the longer term, it has finalized collaboration with a U.S.-based CDMO (Contract Development and Manufacturing Organization), and a decision regarding local manufacturing facilities is expected by year-end.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
