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canada goose clearance South Korea’s Celltrion sale seen slow

canada goose black friday sale SEOUL, May 15 (Reuters) Fed up with canada goose store fighting what he called a costly battle with short sellers that punished its stock, Celltrion Inc founder Seo Jung jin has put his uk canada goose outlet controlling stake in the South Korean biotech firm up for canada goose black friday sale sale.

canada goose But shares of Celltrion canada goose coats on sale the largest stock on South Korea junior bourse with a market value of $5 billion as recently as March have fallen further, plunging more than 40 percent since Canada Goose Coats On Sale Seo announced unexpectedly last month that he was putting his interest in the company on the block.

The sale of the stake in buy canada goose jacket cheap Celltrion, which counts Temasek Holdings as an investor, would open a door for pharmaceutical firms to expand into the growing market for biosimilar drugs. But banking industry sources say would be bidders are put off by mistrust of management, uncertainty over when key drugs will obtain foreign regulatory approval, and share price volatility.

canada goose coats who buys them is acquiring a lot of partnerships. I a bit sceptical as to how sellable it really is, said a London based banker who specialises in healthcare deals.

you got a market cap as rich as this then maybe you are better off keeping it listed and just selling the shares into the market, the banker said, suggesting that adviser JP Morgan might end up guiding Seo to sell his stake into Canada Goose sale the market over a period of time if an obvious buyer did not emerge. JP Morgan representatives declined to comment.

canada goose deals According to industry bankers canada goose uk black friday and analysts, the list of potential cheap Canada Goose bidders would likely include Celltrion partner Hospira Inc, which sells generic injectable drugs. AstraZeneca Plc may also look at Celltrion because it has yet to get a foothold in biosimilars and is hungry to expand its portfolio.

South Korean conglomerate Samsung Group could be a wild card bidder as it seeks to break into biotech, bankers and uk canada goose analysts say. The group, best known for its Samsung Electronics unit, has set aside 2.1 trillion won ($1.9 billion) to invest in biopharmaceuticals.

canadian goose jacket AstraZeneca and Samsung declined to comment.

buy canada goose jacket cheap Celltrion has yet to launch the sales process and is assessing canada goose uk outlet various options. haven reached a stage where the canada goose clearance company is ready to be shopped to interested parties, one person familiar with Celltrion thinking said.

Celltrion declined to comment on the sales process.

RUMOURS Celltrion makes biosimilars, which canada goose coats are less expensive versions of complex biological drugs used to treat diseases such as cancer. With patented biotech drugs worth some $35 billion set to lapse by 2015, industry experts say biosimilar firms like Celltrion are in a Canada Goose Jackets sweet spot.

IMS Health, a provider of data for the healthcare industry, expects global spending on biosimilars to increase to $4 billion to $6 billion by buy canada goose jacket 2016, from just $693 million in 2011.

Canada Goose Parka But Celltrion has been dogged by persistent rumours ranging from accounting fraud to clinical trial failures.

have been so many slanderous rumours about us and accompanying massive short sales in the past canada goose outlet two years. Canada Goose online But none of them were found to be true and we had to Canada Goose Parka fight this costly battle with speculative short sellers, Seo told a radio talk show recently on his reason for selling.

canada goose store He noted that the company has spent 600 billion won, canada goose clearance sale largely to buy back shares, to defend against short sellers.

buy canada goose jacket just fed up and decided to sell the company to stop this endless battle.

In an indication of keen short seller interest, nearly 62 percent of the Celltrion shares that can be borrowed canada goose are out on loan, almost four times the average of 17.6 percent for the South Korean market, according to Markit Securities Finance data.

cheap Canada Goose Celltrion doubters point to the fact that its sales go primarily to an unlisted affiliate, Celltrion Healthcare, where inventory has been piling up as the Canada Goose Outlet company awaits regulatory approvals in Europe, which it hopes to obtain in May or June.

Celltrion Healthcare inventory increased by nearly 300 billion won last year to 679 billion won.

canada goose coats on sale is very pricey given that it has not yet brought canadian goose jacket a drug to the (major) international markets, an executive from a global biologics firm told Reuters on the sidelines of an industry conference in Korea.

Canada Goose Jackets COMPLEXITY Seo is offering his controlling stake via the sale of canada goose uk shop holdings in Celltrion Holdings and Celltrion GSC that would give buyers 30 percent of Celltrion Inc. Seo owns 97.3 percent of unlisted Celltrion Holdings and 68.4 percent in Celltrion GSC, although it was still unclear how much he planned to sell in those companies.

Seo also owns 50 percent in loss making Celltrion Healthcare.

Canada Goose online Ion Investments, a fully owned subsidiary of Singapore sovereign wealth fund Temasek, controls 10.5 percent of Celltrion Inc.

canada goose clearance sale complexity is a little bit scary for a lot of the parties who are out there, said a banker in New York.

Canada Goose Outlet Celltrion cheap canada goose uk has strongly defended its prospects.

have global investors like Singapore sovereign canada goose factory sale wealth fund as our core shareholders. Would they simply overlook Canada Goose Online any irregular trade (between Celltrion and its distribution unit)? Seo said.

A Temasek spokesman declined to comment.

Healthcare has only nine months of inventory, which is the lowest level for the industry. They need inventory buildup to ensure smooth supply as soon as regulatory approval is received, Seo said.

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