- Companies
- Celltrion Healthcare
Celltrion Healthcare Acquisition, Valuation, Funding & Investors
Celltrion Healthcare was acquired by Celltrion for $7.7B in August 2023, a 5.2x multiple on $1.5B of revenue.
Celltrion Healthcare revenue at acquisition
$1.5B
Last twelve months · Aug 2023
Celltrion Healthcare revenue multiple at acquisition
5.2x
EV/Revenue · Aug 2023
Cumulative funding Celltrion Healthcare raised
$237M
across 2 funding rounds
About Celltrion Healthcare
Celltrion Healthcare was the global marketing, sales and distribution company of South Korea's Celltrion Group, based in Incheon, holding exclusive worldwide rights to sell the biosimilars and other medicines developed and manufactured by Celltrion, Inc. Its products included Remsima (infliximab) and its subcutaneous form Remsima SC, Truxima (rituximab), Herzuma (trastuzumab), Yuflyma (adalimumab) and Vegzelma (bevacizumab), sold through partners such as Pfizer and Teva and through its own direct-sales subsidiaries in more than 115 countries. It earned revenue by buying finished products from Celltrion and reselling them to hospitals, health systems and distributors. The company was founded in 1999 as Nexol, a business consulting firm, signed a global distribution agreement with Celltrion in 2008 and took the Celltrion Healthcare name in 2009. One Equity Partners and Temasek invested before its KOSDAQ listing in July 2017, which raised about KRW 1 trillion. Celltrion, Inc. absorbed the company in a share-swap merger agreed in August 2023 and completed on 28 December 2023, after which Celltrion Healthcare was dissolved; group founder Seo Jung-jin controlled both companies.
Founded
1999
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$1.5B (Aug 2023)
Valuation
$7.7B (acquired Aug 2023)
Sectors
Celltrion Healthcare Acquisition
Celltrion Healthcare was acquired by Celltrion for $7.7B on 17 August 2023.
The acquisition price implies a 5.2x revenue multiple on $1.5B of revenue.
Before the acquisition Celltrion Healthcare had raised $237M across 2 funding rounds.
Celltrion Healthcare Co., Ltd. (KOSDAQ: A091990), the overseas distribution arm of the Celltrion Group, merged with Celltrion, Inc., a leading South Korean biosimilar developer ranked as Korea's 11th largest company by market capitalization. Celltrion, Inc. acquired a 64.46% stake in Celltrion Healthcare for KRW 6.7 trillion, announced on August 17, 2023, with shareholder approval at extraordinary general meetings on October 23, 2023 (97.04% for Celltrion and 95.17% for Celltrion Healthcare). The merger effective date was December 28, 2023, involving a share swap ratio of 0.4492620 Celltrion shares per Celltrion Healthcare share, new shares issued on January 12, 2024, and dissolution of Celltrion Healthcare, with Morgan Stanley as financial advisor to Celltrion. The strategic rationale focused on cost reduction, enhanced competitiveness, revenue growth, and maximizing shareholder value through treasury stock buybacks: Celltrion repurchasing 2,426,161 shares worth KRW 345 billion and Celltrion Healthcare 2,440,000 shares worth KRW 155 billion via open market starting October 24, 2023. This merger, timed post-FDA approval of Zymfentra (infliximab subcutaneous, Remsima SC), supports Celltrion's pipeline of six current biosimilars expanding to 22 by 2030, targeting KRW 12 trillion ($9 billion) annual sales by 2030 and global biopharma status. Funds will fuel biosimilars, new drug development, and M&A, with a planned subsequent merger with domestic distributor Celltrion Pharm by July 2024, positioning Celltrion Holdings (98.1% owned by founder Seo Jung-jin, holding 21.5% post-merger) as the largest shareholder.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 17 Aug 2023 | Strategic M&A | $7.7B | 5.2x |
Sources: koreabiomed.com, koreatimes.co.kr, medifonews.com
Celltrion Healthcare Funding History
Celltrion Healthcare has raised a total of $237M across 2 funding rounds.
Celltrion Healthcare's first fundraising round was a $16M undisclosed-stage round in August 2011. The most recent completed round was a $221M undisclosed-stage round in January 2012.
Celltrion Healthcare funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2012 | Undisclosed stage | One Equity Partners (lead) | $221M | One Equity Partners, then the private equity arm of JPMorgan Chase, invested KRW 254 billion in Celltrion Healthcare in January 2012 by purchasing 25 million redeemable convertible preferred shares. The investment came before Celltrion's first biosimilar, Remsima, had received Korean approval, at a time when domestic institutional investors were largely overlooking the group. In August 2012 OEP committed further capital through bonds with warrants and convertible bonds, taking its total investment to about KRW 300 billion and making it the second-largest shareholder, with about 30%, behind group founder Seo Jung-jin. Celltrion Healthcare held the exclusive worldwide rights to market, sell and distribute the biosimilars developed and manufactured by Celltrion, Inc., and built a distribution network spanning more than 115 countries through partners such as Pfizer and Teva. The company listed on KOSDAQ in July 2017 in a KRW 1 trillion IPO, after which OEP sold its shares through six block trades between 2018 and July 2020. OEP's total proceeds were estimated at about KRW 2 trillion, a profit of roughly KRW 1.7 trillion on its initial investment. |
| Aug 2011 | Undisclosed stage | Temasek (lead) | $16M | Ion Investments, an investment vehicle controlled by Singapore's state investor Temasek, bought KRW 17 billion of redeemable convertible preference shares in Celltrion Healthcare in August 2011. Temasek was already a major backer of the Celltrion group: Ion Investments had acquired 12.23 million shares of Celltrion, Inc. worth KRW 207.9 billion in May 2010, becoming that company's third-largest shareholder. The investment in Celltrion Healthcare was made while the company was still privately held and before Celltrion's first biosimilar, Remsima, had been approved, as foreign investors backed the group's bet on biosimilars. Celltrion Healthcare was the group's global marketing, sales and distribution company, holding exclusive worldwide rights to sell the biosimilars developed and manufactured by Celltrion, Inc. It listed on KOSDAQ in July 2017 in a KRW 1 trillion IPO and later merged into Celltrion, Inc. in December 2023. Ion Investments sold its holdings in Celltrion and Celltrion Healthcare in April 2020, raising about KRW 630 billion from the two companies. |
Who has invested in Celltrion Healthcare?
2 investors have backed Celltrion Healthcare across its funding rounds, including Temasek and One Equity Partners.
Lead investors include One Equity Partners and Temasek.
Celltrion Healthcare Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCelltrion Healthcare Competitors
Celltrion Healthcare competitors include listed companies like Alkermes, Praxis Precision Medicines, Glenmark Pharmaceuticals and Rhythm Pharmaceuticals, and private ones like Intas Pharmaceuticals and Biocon Biologics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.5B | $286M | $7.7B | 4.8x | ||
| Publicly listed | - | ($303M) | $7.8B | 8840.5x | ||
| Publicly listed | $1.8B | $290M | $7.8B | 4.3x | ||
| Publicly listed | $190M | ($189M) | $7.8B | 24.3x | ||
| Private | $2B | - | $8.5B | - | ||
| Private | $1.1B | $163M | $5.5B | 5.1x |
Celltrion Healthcare Public Comps
Celltrion Healthcare is no longer listed, but its public comps include Alkermes, Praxis Precision Medicines, Glenmark Pharmaceuticals, Rhythm Pharmaceuticals, Abivax, Indivior Pharmaceuticals, Grifols, Cytokinetics, Corcept Therapeutics and Kiniksa Pharmaceuticals.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.5B | $286M | 5.8x | 4.8x | 29.9x | 21.2x | |||
| - | ($303M) | - | 8840.5x | (23.1x) | (16.3x) | |||
| $1.8B | $290M | 4.4x | 4.3x | 26.8x | 28.6x | |||
| $190M | ($189M) | 39.9x | 24.3x | (40.0x) | (20.8x) | |||
| - | ($344M) | - | 1479.3x | (20.7x) | (24.7x) | |||
| $1.2B | $282M | 6.2x | 6.2x | 27.4x | 15.3x | |||
| $8.4B | $1.8B | 2.4x | 2.3x | 11.0x | 9.4x | |||
| $88M | ($719M) | 86.6x | 50.5x | (10.6x) | (11.1x) | |||
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Common questions about Celltrion Healthcare
| When was Celltrion Healthcare founded? | Celltrion Healthcare was founded in 1999. |
| Where is Celltrion Healthcare headquartered? | Celltrion Healthcare is headquartered in Incheon, South Korea. |
| Is Celltrion Healthcare publicly listed? | No, Celltrion Healthcare was acquired by Celltrion in August 2023. |
| Who acquired Celltrion Healthcare? | Celltrion Healthcare was acquired by Celltrion in August 2023. |
| How much was Celltrion Healthcare acquired for? | Celltrion Healthcare was acquired for $7.7B in August 2023, a 5.2x revenue multiple. |
| How much funding has Celltrion Healthcare raised? | Celltrion Healthcare has raised $237M across 2 funding rounds. |
| What was Celltrion Healthcare's last funding round? | Celltrion Healthcare's last funding round was a $221M undisclosed-stage round in January 2012, led by One Equity Partners. |
| Who are Celltrion Healthcare's investors? | Celltrion Healthcare's investors include Temasek and One Equity Partners. |
| Which companies are comparable to Celltrion Healthcare? | Companies comparable to Celltrion Healthcare include Alkermes, Praxis Precision Medicines, Glenmark Pharmaceuticals, Rhythm Pharmaceuticals, Intas Pharmaceuticals and Biocon Biologics. |
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