Celltrion Healthcare, the marketing subsidiary of Celltrion Inc, has secured approximately $886.3 million—well over a previously projected $713 million—in its July initial public offering of 24.6 million primary shares.
Global Capital Asia reports that Celltrion Healthcare, the marketing subsidiary of Celltrion Inc, has secured approximately $886.3 million—well over a previously projected $713 million—in its July initial public offering (IPO) of 24.6 million primary shares.
CEO of Celltrion Healthcare, Kim Man-Hoon, has announced that the Korean biosimilar maker is seeking additional drug candidates as it leverages its newly raised funds to broaden its product portfolio. According to Bio Spectrum Asia, Celltrion’s expansion will include international investment, strategic acquisition, joint ventures, and licensing partnerships with new drug developers as the company expands and capitalizes on its already robust pipeline. “We have plans to launch a major biosimilar every year until 2019,” Kim said.
Kim went on to indicate that among the company’s chief aims is the acquisition of US-based biotechnology companies as Celltrion expands its presence in the lucrative US marketplace. “By taking over US biotech firms, we expect to boost Celltrion Healthcare’s brand awareness and market share,” said Kim.
The biosimilar manufacturer, which announced that it had submitted to the FDA its Biologics License Application (BLA) for a proposed biosimilar rituximab product in June, reports 6 biosimilars currently under development:
The company is also developing 5 innovator biologics for influenza, rabies, hepatitis B virus, and others.
The successful IPO is welcome news to the Incheon-based company that, earlier this year, had to delay its offering after local regulators and accountants demanded a comprehensive audit of the company’s accounting practices. In March, the Korean Institute of Certified Public Accountants, a body that reviews the eligibility of firms to offer shares, found that Celltrion Healthcare had overstated its profits by approximately $8.94 million.
While many in the industry feared that the audit would set the biosimilar manufacturer’s IPO back by 6 months or more, Celltrion Healthcare confidently—and correctly—predicted that the process would not have a significant impact on its timeline for launching the IPO.
Celltrion’s stock will begin trading on the Korean market on July 28, and is expected to be the second most valuable company on the Kosdaq index.
HHS Praises Biosimilars Savings but Opportunities to Reduce Part B Spending Remain
November 28th 2023Although biosimilars have already generated savings for Medicare Part B programs and beneficiaries, opportunities for substantial reductions in spending remain, according to a report from the HHS.
Biosimilar Business Roundup for October 2023—Podcast Edition
November 5th 2023On this episode, we discuss the biggest news to come out of October 2023, including 3 regulatory approvals, 2 complete response letters, and new data and industry insights that have the potential to impact the entire US biosimilar industry.
Eye on Pharma: Adalimumab Updates; New Eylea Biosimilar Lawsuit; Canada Gains Stelara Biosimilar
November 22nd 2023Several companies make moves to further their adalimumab biosimilars, Regeneron sues Celltrion over biosimilar for Eylea (aflibercept), and Health Canada grants marketing authorization for biosimilar referencing Stelara (ustekinumab).
Biosimilars Business Roundup For August 2023—Podcast Edition
September 5th 2023On this episode, we’re giving an overview of some of the biggest stories in the business space regarding biosimilars, like the approval of the first neurology biosimilar, growth projections from company quarterly expense reports, and some analyses about the health of the market.
AMCP Nexus: Panelists Share Current Scope of Biosimilar Industry
October 26th 2023Panelists at the Academy of Managed Care Pharmacy (AMCP) Nexus meeting chronicled the current state of the US biosimilar market, including current policies impacting the market, recent regulatory decisions, and the developing arguments around requirements for clinical efficacy studies.
Report: Conflicting Guidelines, Rebate Walls Are Major Factors Determining Biosimilar Uptake
October 24th 2023Samsung Bioepis’ most recent biosimilar market report identified inconsistent medical guidelines, challenges with access and rebates, and acute vs chronic treatment duration as major factors influencing biosimilar uptake in the United States.