[Featured Stocks] Celltrion and Healthcare Rise After Merger Proposal Announcement
CELLTRION and CELLTRION Healthcare are on the rise. It appears that the detailed merger plan announced the previous day had an impact.
As of 9:47 AM on the 18th, CELLTRION was trading at 151,600 KRW, up 8,000 KRW (5.57%) from the previous trading day. Meanwhile, CELLTRION Healthcare recorded 69,800 KRW, up 5,500 KRW (8.55%). On the other hand, CELLTRION Pharm was trading at 77,500 KRW, down 100 KRW (0.13%).
On the previous day, CELLTRION and CELLTRION Healthcare announced through board resolutions approving the merger that CELLTRION will absorb CELLTRION Healthcare. Subsequently, after strengthening CELLTRION Pharm’s business, a second merger between the integrated CELLTRION and CELLTRION Pharm is planned.
The absorption-type merger being carried out this time involves issuing new shares of CELLTRION to the shareholders of CELLTRION Healthcare. The exercise price for the stock purchase rights is 150,813 KRW for CELLTRION and 67,251 KRW for CELLTRION Healthcare.
The securities industry is giving a positive evaluation of CELLTRION’s merger announcement. Park Byung-guk, a researcher at NH Investment & Securities, explained, "The estimated fair value of the merged corporation is 40 trillion KRW, and 2024 will be a year of rest in performance due to inventory assets. The 2026 EBITDA (earnings before interest, taxes, depreciation, and amortization) estimate of 2.0461 trillion KRW was discounted over two years to the present value in 2024, applying a weighted average EV/EBITDA multiple of 24 times based on 2023 figures for CELLTRION and CELLTRION Healthcare."
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Lee Ji-su, a researcher at Daol Investment & Securities, said on the 18th, "The expected benefits of the merger include expanding investments such as in-house new drugs, mergers and acquisitions (M&A), and licensing in with the integrated group’s resources, securing cost competitiveness to conduct aggressive sales activities, and enhancing transparency through simplification of transaction structures. Additionally, positive stock price trends are possible due to supply and demand effects such as increased business transparency and stock price support measures announced to respond to stock purchase rights."
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