Celltrion stocks rally ahead of COVID-19 cure timetable release

2020.03.23 14:53:28 | 2020.03.23 15:52:07

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Shares of South Korea’s top biosimilar developer Celltrion Inc. and its two affiliates – Celltrion Pharm Inc. and Celltrion Healthcare Co. – flew high Monday despite the ongoing rout in the Korean market on news that the bio name will announce timetable on cure for COVID-19 later in the day.

Shares of Celltrion jumped 14.75 percent to close the day at 175,000 won ($137.43) on the main Kospi. Those of biopharmaceutical making affiliate Celltrion Pharm and distribution/marketing unit Celltrion Healthcare also soared on the secondary Kosdaq, finishing 29.47 percent higher at 44,150 won and 6.57 percent higher at 66,500 won, respectively.

Celltrion currently is developing a cure based on blood samples from COVID-19 survivors with a target to initiate a clinical trial in six months’ time.

The biosimilar developer has scheduled to hold an online press conference on Monday after the stock market closes at 3:30 p.m. to share updates on its project of developing a cure for COVID-19 as well as the prospective date for starting a human clinical trial.

Earlier on March 12, Celltrion Chairman Seo Jung-jin in a YouTube live stream said the company is studying a multi-antibody against virus mutations based on the analysis of the novel coronavirus to develop a COVID-19 cure. It is also researching the efficacy of CT-P38, an investigational antibody to treat the Middle East respiratory syndrome, and CT-P27, multi-antibody drug for influenza tested in a phase 2b study.

Seo projected the clinical trial for the cure would be possible after six months.

By Pulse

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