Celltrion
South Korean biopharmaceutical company Celltrion announced it has acquired French healthcare company Gifrer as part of its strategy to strengthen its footprint in the European Union. Financial details of the transaction were not disclosed, though Celltrion said administrative procedures related to the acquisition are expected to conclude by the end of the month.
Celltrion said it plans to operate Gifrer independently and retain approximately 70 employees currently working at the French company. The acquisition comes as France adjusts healthcare reimbursement rules to allow pharmacists to substitute biosimilar medicines for certain prescribed drugs, a policy shift that could create new opportunities for biosimilar producers.
The South Korean company expects the deal to generate an additional KRW 250 billion (US$169 million) in revenue over the next five years. Celltrion also plans to explore selling Gifrer products through its international distribution network while continuing to pursue mergers and acquisitions involving globally recognized healthcare brands.
Founded in 1912, Gifrer produces around 140 over-the-counter healthcare products, including saline solutions, tooth whitening products and dietary supplements. The company distributes its products through more than 9,000 pharmacies and roughly 800 hospitals across France.
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