Seo Jung-jun, Celltrion Inc.'s founder, successfully exited the biotechnology firm after a Singapore owned investment firm Temasek Holdings Pte. Ltd., announced its intent to invest. Temasek Holdings's investment plan is worth US$129 million. Celltrion Inc. is based in South Korea.
Temasek purchased one million shares from the biotech company and its logistics subsidiary Celltrion GSC. The state-owned Temasek Holdings intends to buy over the one million previously announced as fulfillment of its plegdge, said a spokesperson from Celltrion Inc.
The vendors are Celltrion Inc.'s major shareholders, which currently have 280 billion won or US$242 million worth of debts to creditors, will utilize the proceeds of the investment fund to cut the deficit by more than half.
A Celltrion official, who chose to go anonymous, said that "one of the reasons behind the aggressive short-selling was that the major shareholders of Celltrion Inc. are not financially strong due to debt and mortgages."
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