The company plans to retire all treasury shares it plans to buy this year.“Celltrion aims to raise sales to 5 trillion this year after reporting a record high revenue of 3.5 trillion won last year since its foundation to accelerate growth,” said a company official.“We will do our utmost to expand shareholder return policies to keep pace with the company's rapid growth and continue to grow together with shareholders while increasing corporate value to become a global Big Pharma.”After the cancellation announcement, Celltrion’s share ended up 0.8% at 186,100 won on Friday, outperforming a 0.3% fall in the benchmark Kospi.
South Korea’s leading biosimilar drug developer Celltrion Inc.announced on Friday a plan to cancel $140 million worth of treasury shares as part of its efforts to improve shareholder value, raising its stock price.
Celltrion said its board of directors decided to cancel 1.1 million shares, equivalent to 0.5% of its outstanding shares and 11% of its treasury stocks, on March 25.These are worth 203.3 billion won ($139.8 million), based on Celltrion's closing price on Thursday.
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