November 28, 2024

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Seo Jung-jin, the founder and the honorary chairman of Celltrion Group (Celltrion)

Seo Jung-jin, the founder and the honorary chairman of Celltrion Group, will return to management after leaving the company in 2021, Celltrion announced Friday.

On Friday, the biopharmaceutical group's key affiliates -- Celltrion Holdings, Celltrion, Celltrion Healthcare, and Celltrion Pharma held separate board meetings and recommended Seo as a candidate for director and co-chairman of the board of directors.

Seo’s return will be determined at the four companies’ separate shareholders meetings scheduled on March 28. If approved, Seo will serve a two-year term as director and co-chairman of the board of directors for all four companies.

Celltrion Group’s decision came amid growing uncertainty in the global economy, Celltrion said in a statement. The request was made also because 2023 is expected to be a pivotal year for the group’s future, it added.

“Celltrion expects the honorary chairman will be able to help the group make important decisions, particularly those involving its products that are waiting for their regulatory approvals and launches in the US market,” it said.

Celltrion Group is currently preparing for launches and approvals of biosimilar products in the US market, including Vegzelma, Celltrion’s biosimilar referencing Avastin. and Yuflyma, a biosimilar referencing Humira in the US market.

Celltrion is also hoping to win approval for Remsima SC, the biosimilar and subcutaneous version of Remicade, from the US Food and Drug Administration by the end of this year.

Celltrion added Seo’s leadership will aid the group’s ongoing efforts to introduce new pipelines for novel antibody therapeutics.

Seo had announced his retirement plan in 2020, and left the company in March 2021. Seo then promised that he might return to management when necessary, according to an official from Celltrion Group.

By Shim Woo-hyun (ws@heraldcorp.com)