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[Alpha Biz=(Chicago) Reporter Kim Jisun] The merger of the three Celltrion Groups was approved at an extraordinary shareholders' meeting on the 23rd.
At Celltrion's extraordinary shareholders' meeting, the merger contract was approved with 97.04% of the participants' approval. With the approval of the merger, Celltrion and Celltrion Healthcare will complete the merger within the year and complete the first phase of the merger.
The merged corporation will be launched on December 28. Celltrion absorbs Celltrion Healthcare, and 0.4492620 shares of Celltrion are allocated per share of healthcare.
The merger of Celltrion Group will be completed after the second phase of the merger, which will combine the two companies with Celltrion Pharmaceutical Co. next year. Through this, Celltrion Group plans to become a comprehensive biotech company.
In particular, the combination of Celltrion Healthcare, which sells Celltrion medicines, is expected to simplify the distribution and sales structure and increase profitability by increasing cost competitiveness. Celltrion expects the current 70% sales cost rate to be lowered to about 40%. The merger will also dispel negative issues such as transactions between affiliates and accounting fraud, which have been cited as the cause of Celltrion's undervaluation.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
