Celltrion to sell part of Primary Care biz rights in Asia-Pacific for $160 mn

[Courtesy of Celltrion]

South Korea’s Celltrion Group announced Tuesday its decision to sell a portion of the Asia-Pacific region’s Primary Care business rights, excluding prescription pharmaceuticals in South Korea, for about 209.9 billion won ($160 million). Celltrion plans to divide the rights for prescription drugs excluding Korea and consumer drugs across the entire Asia-Pacific region, with the prescription drug business rights being the first to undergo the sales process.

The rights are being acquired by Singapore’s private equity fund, CBC Group. The acquisition will be facilitated through the establishment of an overseas special purpose company (SPC) named HP Bidco 2 Ltd.

The agreement for the transfer of ETC business rights will be signed between Celltrion APAC and the SPC of CBC Group. Celltrion aims to conclude the deal by March.

At the time of acquisition in 2020, the value of the business rights was estimated at around 138 billion won.

Celltrion Group intends to maintain its hold on the domestic business rights for key assets in the Primary Care business, such as diabetes treatments Nesina and Actos, along with the hypertension treatment Edarbi.