Celltrion completes merger with sales unit as part of integration plan
SEOUL, Dec. 28 (Yonhap) -- South Korea pharmaceutical giant Celltrion Inc. said Thursday it has completed the process of merging with its sales and marketing affiliate Celltrion Healthcare Co. as part of its long-term corporate integration strategy.
The company said in a regulatory filing that its board approved the merger between Celltrion and Celltrion Healthcare, with the affiliate having become absolved.
As part of the move, the company also overhauled its business organizations under three key pillars of manufacturing and development, global sales, and general management.
The divisions will be led by Kee Woo-sung, current CEO of Celltrion, former Celltrion Healthcare CEO Kim Hyoung-ki and Seo Jin-seok, chairman of Celltrion's board of directors, respectively.
The pharmaceutical giant got the nod from its shareholders in October to integrate with the affiliate.
The move came three years after Celltrion Chairman Seo Jung-jin mentioned a plan to integrate the group's three listed firms -- Celltrion, Celltrion Healthcare and Celltrion Pharm -- in a bid to become a global drugmaker that produces biosimilars and new drugs by strengthening its cost competitiveness and diversifying its pipeline.
This undated file photo shows Celltrion's headquarters in Incheon, 27 kilometers west of Seoul. (Yonhap)
odissy@yna.co.kr
(END)
-
(LEAD) N. Korea, China, Russia expanding nuclear arsenals at 'breakneck' pace: White House official -
N. Korea sends balloons carrying trash to S. Korea again: JCS -
Dozens of N. Korea's trash balloons spotted in Seoul metropolitan area -
(3rd LD) S. Korea to resume propaganda broadcasts against N. Korea's trash-balloon campaign -
(LEAD) N. Korea launches over 300 trash-carrying balloons toward S. Korea since Saturday
