Celltrion appoints Celltrion Pharm CEO as new vice chairman

Celltrion on Tuesday appointed Seo Jung-su, Celltrion Pharm CEO and the younger brother of Celltrion founder and Chairman Seo Jung-jin, as vice chairman of Celltrion, which recently wrapped up its merger with Celltrion Healthcare.

Celltrion headquarters in Incheon [CELLTRION]

Celltrion on Tuesday appointed Seo Jung-su, Celltrion Pharm CEO and the younger brother of Celltrion founder and Chairman Seo Jung-jin, as vice chairman of Celltrion, which recently wrapped up its merger with Celltrion Healthcare.

The latest decision is considered by some as preparatory steps for Celltrion’s planned merger with Celltrion Pharm, which the chairman said will begin within six months of Celltrion’s merger with Celltrion Healthcare.

The younger Seo’s position at Celltion Pharm will be assumed by Yoo Young-ho.

Celltrion also announced that day that it will sell its drug sales and marketing rights in the Asia-Pacific market acquired from Japan’s Takeda Pharmaceuticals, three years after the $278 million deal was signed.

The sell-off will not include the business rights for ethical drugs in Korea. Celltrion will divest its business rights for over-the-counter drugs and ethical drugs separately, and the business right for ethical drugs in the Asia-Pacific market will be sold to Singapore’s investment firm CBC Group for 209.9 billion won ($160.5 million). The business right for ethical drugs had been valued at 139 billion won upon Celltrion’s acquisition from Takeda.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]