Celltrion Inc. to establish a holding company by merging with affiliates

South Korean biotech company Celltrion Inc. plans to merge with its two affiliates, Celltrion Healthcare Co. and Celltrion Pharma Inc., to establish a holding company structure by the end of 2021.

Celltrion Group Chairman Seo Jung-jin would establish Celltrion Healthcare Holdings by investing his stakes in Celltrion Healthcare, making the holding company its largest shareholder.

Celltrion Group Chairman Seo Jung-Jin would hold 11.21 percent in Celltrion Healthcare Holdings, which in turn would have a 24.33 percent stake.

The process would be hastened when requirements for relevant laws regarding anti-monopoly and fair trade are met.

Seo noted that the merger would depend upon the wishes of shareholders.

Celltrion is conducting phase one clinical trials on patients of its coronavirus treatment, CT-P59, to evaluate the safety and efficacy of the treatment.