Celltrion Acquires Swiss Pharmaceutical Distributor, iQone Healthcare Switzerland

Celltrion announced on the 15th that it has acquired the Swiss pharmaceutical distribution company "iQone Healthcare Switzerland." The acquisition process was completed this month, with the transaction valued at approximately 30 billion KRW. Considering operational efficiency and marketing synergies, Celltrion's Hungarian subsidiary acquired iQone, integrating it as a subsidiary.

Switzerland, with its high standard of living, has established a relatively large pharmaceutical market per capita. Due to the high drug prices, it is considered a market with significant potential for revenue growth. According to the pharmaceutical market research firm IQVIA, Switzerland has a market for infliximab worth around 170 billion KRW, as well as markets for adalimumab (165 billion KRW) and rituximab (50 billion KRW), creating a favorable environment for stable sales of Celltrion's major products.

Another factor influencing the acquisition is iQone's rapid growth in the local pharmaceutical and biotech industry. iQone recorded 18.9 billion KRW in sales in 2022, and in 2023, the company grew 57%, reaching 29.6 billion KRW.

Since 2016, iQone has been a distribution partner for Celltrion in Switzerland and has developed a deep understanding of the company's products, which strengthens the acquisition. With this acquisition, Celltrion plans to rapidly expand its direct sales performance by securing an established local distribution network and specialized workforce. Additionally, Celltrion intends to leverage not only its own products but also the rights to products that iQone has independently introduced, contributing to sales growth.

The acquisition is expected to accelerate the prescription of Celltrion products in Switzerland. By maintaining iQone's sales strengths and brand recognition, while adding flexible pricing policies through direct sales, the company anticipates faster sales growth.

The company also expects that future products will quickly capture the market in a more stable sales environment through direct sales. In particular, Celltrion is preparing to launch the autoimmune disease treatment "Stekima" (Stelara biosimilar) and the ophthalmic disease treatment "Idenelt" (Eylea biosimilar) next year, and the expansion of treatment areas and diversification of the product portfolio are expected to generate synergies.

Yoo Min-hyuk, Head of Celltrion's European Business Division, commented, “By acquiring iQone, with whom we have worked closely for many years in Switzerland, we have established a foundation for expanding prescriptions more rapidly through a direct sales model. This acquisition is significant in terms of expanding our European business by acquiring a local company.”