In today’s briefing:
- Progress of Merger Between Celltrion Inc and Celltrion Healthcare & Appraisal Rights Issue
- EuBiologics (206650 KS): Solid 1H23 Performance; Oral Cholera Vaccine on A Consistent Growth Path
Progress of Merger Between Celltrion Inc and Celltrion Healthcare & Appraisal Rights Issue
- The appraisal right prices of Celltrion Inc (068270 KS) is 150,813 won (2.2% higher than current price) and Celltrion Healthcare (091990 KS) is 67,251 won (1.9% higher than current price).
- Celltrion Inc has mentioned that the merger could be cancelled if the total amount of appraisal share purchase amount exceeds 1 trillion won.
- Although some investors are likely to exercise their appraisal rights in this merger, we would attach a higher probability of this merger getting completed (80-90%+).
EuBiologics (206650 KS): Solid 1H23 Performance; Oral Cholera Vaccine on A Consistent Growth Path
- Eubiologics (206650 KS) recorded 24% YoY revenue growth to KRW31B in 1H23, due to strong export demand of oral cholera vaccine. Operating profit jumped 6x, while net profit surged 3x.
- In May 2023, Eubiologics and its partner have launched Euvichol-Plus in India. With a huge unmet need, Euvichol, an effective cholera vaccine is expected to see strong uptrend in India.
- Eubiologics has signed a technology transfer agreement with DEK Vaccines to enable the domestic production and supply of the cholera vaccine in Ghana. This opens additional revenue stream for Eubiologics.
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