Celltrion acquires Swiss pharmaceutical distributor iQone

South Korea's Celltrion Inc. said on Friday that it completed its acquisition of iQone Healthcare Switzerland, a Swiss pharmaceutical distributor, to begin direct sales in Switzerland.

The acquisition, valued at approximately 30 billion won ($21 million), was conducted through Celltrion’s Hungarian subsidiary to enhance operational efficiency and marketing synergies.

Following the transaction, iQone will operate as a Celltrion subsidiary.

Despite its relatively small population, Switzerland has a robust pharmaceutical market driven by high living standards and premium drug prices, offering significant revenue potential.

Market research firm IQVIA estimates that Switzerland represents key opportunities for Celltrion’s products, including a 170 billion won infliximab market, 165 billion won for adalimumab, and 50 billion won for rituximab.

iQone is recognized as one of Switzerland’s fastest-growing biopharma companies.

It's revenue was 18.9 billion won in 2022, which grew 57% to 29.6 billion won in 2023.

The company has served as Celltrion’s Swiss distribution partner since 2016, demonstrating a strong understanding of its products and the local industry.

With the acquisition, Celltrion aims to rapidly expand its direct sales performance by leveraging iQone’s established distribution network and experienced personnel.

Write to Dae-Kyu Ahn at powerzanic@hankyung.com