Celltrion seeks large-scale M&A in Q4, eyes 2027 Nasdaq debut

SAN FRANCISCO – South Korea’s leading biosimilar drug developer Celltrion Inc. seeks to acquire a domestic health food maker as early as the fourth quarter and plans to list its investment holding firm, Celltrion Holdings Co., on the Nasdaq in 2027.

Celltrion founder and Chairman Seo Jung-jin said the target company Celltrion is looking to acquire is in the functional health food industry.

"By the fourth quarter, the domestic stock market will have recovered from its low, creating favorable conditions for an M&A," he said on Tuesday at the 2025 JP Morgan Healthcare Conference, the world's largest pharmaceutical and biotech investment event in San Francisco.

"We aim to acquire an excellent domestic company facing challenges due to financial constraints to ensure that such a firm does not collapse," he said.

He said K-food and red ginseng are key areas of interest in the functional food sector.

The functional food industry is being eyed as a lucrative business opportunity for pharmaceutical companies because it has less stringent approval requirements for business operations and easier development processes than pharmaceuticals. These companies can also leverage existing pharmaceutical production facilities and technology to make functional products for health.

NASDAQ IPO, DRUG DEVELOPMENT ROADMAP

The chairman said he expects Celltrion Holdings to list on the Nasdaq in 2027.

“Given the current severe undervaluation of the company, now is not the right time for an IPO. We see 2027 as the optimal time for a Nasdaq listing,” he said.

At the JP Morgan presentation, Seo Jin-seok, chief executive of Celltrion Inc. and Chairman Seo’s eldest son, unveiled development schedules for 13 new drug candidates in line with the company's transition from a biosimilar-focused company to a major player in new drug development.

“Four new drug candidates will sequentially enter clinical trials this year. By 2028, we aim to submit IND (investigational new drug) applications for a total of 13 candidates – nine in the ADC (antibody-drug conjugate) sector and four in the multispecific antibody field,” he said.

“We will leverage our accumulated experience and expertise in ADCs to accelerate next-generation drug development, said the CEO.

ADCs, CDMO BUSINESS

Celltrion has set its sights on ADCs and multispecific antibodies as its "future growth drivers."

The company plans to unveil improved ADCs, known as “bio betters,” such as its cancer treatments CT-P70 and CT-P71, which were released last year.

The company said it will also double its efforts to develop multispecific antibody therapies that selectively target cancer cells or become activated under specific conditions.

Last year, Celltrion said it aims to achieve 3 trillion won ($2.1 billion) in annual sales by 2031 in its contract development and manufacturing organization (CDMO) business through its CDMO subsidiary Celltrion Biosolutions.

Chairman Seo said the company would select a site for its first CDMO plant in the first half and break ground on a 100,000-liter facility in the second half.

Write to Young Chan Song at 0full@hankyung.com

In-Soo Nam edited this article.