Business

Temasek's Ion Investments pares stakes in S. Korean healthcare firms

Temasek Holdings' Ion Investmentssaid yesterday that it was paring its stakes in two South Korean healthcare companies.

On Tuesday, IFR reported that Ion was selling part of its stakes in pharmaceutical company Celltrion and distributor Celltrion Healthcare, citing a term sheet.

It said in a block deal worth up to 1.1 trillion won (S$1.4 billion), Ion plans to sell up to 2.24 million shares in Celltrion for 336,700 to 347,800 won each, and up to 2.29 million shares in Celltrion Healthcare for 108,654 to 112,236 won each.

The pricing represents a discount of 6 per cent to 9 per cent to their pre-deal close, said IFR, a Thomson Reuters publication.

"We have been invested in Celltrion and Celltrion Healthcare since 2010 and 2011, respectively, and have been very pleased with their progress during our investment. Within life sciences, biosimilars has been an area of focus for us, and Celltrion has clearly established itself as one of the global leaders in this field," said Temasek's Life Sciences head Fidah Alsagoff.

"While we have entered into an agreement for a partial divestment, we are pleased to maintain our position as one of the largest financial investors in Celltrion and Celltrion Healthcare." - THE STRAITS TIMES

BUSINESS & FINANCE