On Friday, South Korean biosimilar giant Celltrion said it had completed the acquisition of iQone Healthcare Switzerland for approximately 30 billion won (about 155 million yuan) as part of its European expansion strategy.

After the acquisition, iQone Healthcare Switzerland will become a wholly-owned subsidiary of Celltrion Healthcare Hungary Kft. The transaction will also provide Celltrion with the opportunity to obtain authorizations, further enhancing its pipeline of innovative therapies. In 2022, iQone's annual revenue was 18.9 billion won (about 18.9 million US dollars), and sales increased by 57% to 29.6 billion won in 2023. Celltrion said the acquisition will further accelerate the expansion of its prescription drug business in Switzerland. According to IQVIA data, sales performance in the country remains strong, with the Ramsima series (IV and SC) accounting for 61% of the market share in the second quarter of this year.

The company noted that its follow-up products are expected to quickly gain market share through direct sales in a more stable sales environment. Notably, SteQeyma (Johnson & Johnson's Cydano biosimilar) for the treatment of autoimmune diseases and Eyedenzelt (Bayer/Regeneron's Eylea biosimilar) for the treatment of ophthalmic diseases will be launched in 2025 and are expected to generate synergies by expanding therapeutic areas and diversifying product portfolios.

According to IQVIA statistics, the Swiss market for infliximab is about 170 billion won, adalimumab is about 165 billion won, and rituximab is about 50 billion won, creating a good environment for stable sales performance of Celltrion's main products. "This move represents a strategic shift in our growth strategy. While we have successfully established a direct sales network, we are now leveraging acquisitions to accelerate our expansion in Europe," said Ha Tae-hun, Vice President and Head of Europe at Celltrion.

"With a distribution network covering more than 20 regions, we are well positioned in the increasingly competitive biosimilars market."

Laurent Massuyeau, Founder and Executive Chairman of iQone Healthcare Switzerland, also expressed his optimism, saying: "Our decade-long successful collaboration with Celltrion provides a very solid foundation for this integration. By combining Celltrion's portfolio expertise with our existing commercial operations, this acquisition will drive growth and improve access to essential biosimilars and innovative medicines in Switzerland.

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