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Celltrion Inc, a biopharmaceutical company headquartered in Incheon, may place its bid to acquire Baxter International's biopharma solution business. The acquisition deal may cost up to $4 billion.
Korea Joongang Daily reported that Celltrion is also competing with other international companies for the takeover. If the South Korean biopharma firm succeeds in buying the biopharma unit of Baxter International, the deal will be the largest acquisition by a Korean biopharmaceutical firm.
The company mentioned in its recent regulatory filing that it is still reviewing the possible deal.
"It is right that we are reviewing the plan but there is nothing to confirm yet at this time," the company stated.
Baxter International and Celltrion have been doing business for years, but this would be their first acquisition agreement if the latter pushes through with its bid. In any case, the US-based company’s biopharma solution unit mainly focuses on the contract manufacturing organization (CMO) business, where it offers drug manufacturing services. In 2021, this unit was said to have collected $669 million in sales.
With the reported bid of Celltrion, it comes after it announced the return of its founder, Seo Jung Jin, to Celltrion Holdings as its board chairman. He is returning two years after leaving the company.
Meanwhile, Reuters reported that Baxter International’s biopharma division attracted other firms. Aside from Celltrion, Thermo Fisher Scientific Inc. is also bidding for the takeover of the biopharma solutions business, and this was shared by some sources who are familiar with the matter.
It was added that KKR & Co. and Carlyle Group private equity firms have also expressed interest in the buyout. It was noted that other bidders could emerge soon, and they could be revealed later as Baxter International is still keeping things related to the sale of its biopharma solutions unit confidential.
