Seo Jung-jin announced last month that he would dispose of all his shareholding in the company that he set up over 10 years ago, saying that in the hands of a multinational owner, Celltrion could avoid being a victim of short-selling.
Mr. Seo believes that Celltrion, South Korea's largest bio pharmaceutical firm by revenue, has been a victim of speculative investors. As of Monday, shares in Celltrion have fallen 34.5% since mid-April when he announced the stake sale. Before Mr. Seo's move, the shares were down 16% from all-time highs on Mar. 22.
Temasek has a 10.5% stake in Celltrion Inc. and a 7.7% stake in Celltrion Healthcare, and has the rights to sell its interest when the companies' largest shareholder--namely Mr. Seo--sells. Temasek is the second- and third-largest shareholder of Celltrion and Celltrion Healthcare respectively. Full story
