Celltrion may bid for Baxter International biopharma business

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Celltrion may bid for Baxter International biopharma business

 
Celltrion may bid for Illinois-based Baxter International's biopharma solution business, which could cost up to $4 billion. 
 
The announcement came after Reuters reported that Celltrion is one of the bidders competing to acquire the business along with Massachusetts-based Thermo Fisher Scientific. 
 
"It is right that we are reviewing the plan, but there's nothing we can confirm at the time," Celltrion said in a regulatory filing.  
 
If succeeds, it will be the largest acquisition by a Korean biopharmaceutical company.
 
Baxter's biopharma solution division mainly handles contract manufacturing organization (CMO) business, which offers drug manufacturing services on a contract basis. 
 
The biopharma solution business generated $669 million in sales in 2021. 
 
Celltrion was one of the division's clients in 2017 when the Korean company asked Baxter to manufacture Remsima, a biosimilar copy of Janssen Biotech's Remicade that treats autoimmune diseases. 
 
Private equity firms including KKR and Carlyle Group, have also expressed interest in the bidding, Reuters said.
 
Celltrion recently announced founder Seo Jung-jin will return as the board chairman of Celltrion Holdings, two years after he walked away from the company.
 
The appointment will take effect after a shareholder meeting and final board approval scheduled for March 28.
 

BY SARAH CHEA [chea.sarah@joongang.co.kr]
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