Celltrion stocks down following reports about founder's children

Finance

Celltrion stocks down following reports about founder's children

Published: 03 May. 2023, 11:58

Seo Jung-jin, founder of Celltrion [CELLTRION]

Stocks of Celltrion and its related companies are trading weak on Wednesday, following reports that the drugmaker's founder, Seo Jung-jin, has children born out of wedlock.

As of 11 a.m. Wednesday, Celltrion's stock was being traded at 158,200 won ($118), down 1.37 percent from the previous day, on Korea's main board Kospi.

Similarly, Celltrion Healthcare and Celltrion Pharm, affiliates of Celltrion listed in the Kosdaq market, are also trading at prices down 2.62 percent and 2.70 percent, respectively.

Multiple local media outlets reported the previous day that a Seoul court ordered Seo to recognize the two daughters that he had in an extramarital affair as his children.

The biological mother of the children revealed in an interview that she has been in a conflict with the Celltrion founder and emphasized that her two daughters have the right to inherit his property.

The reports have raised concerns that it could affect the governance structure of Celltrion.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]