Celltrion acquires entire stake in French health care company Gifrer

SEOUL, May 12 (Yonhap) -- South Korea's Celltrion Inc. said Tuesday it acquired the entire stake in French health care company Gifrer in a bid to expand its presence in the European Union. The biopharmaceutical company did not disclose the financial details of the deal but said it plans to finalize administrative procedures related to the acquisition by the end of the month. Celltrion said it is seeking to operate Gifrer as an independent entity and has agreed to retain the employment of around 70 employees working in the French company. Founded in 1912, Gifrer sells around 140 types of over-the-counter pharmaceutical products, including physiological salt solution and tooth bleach, as well as health supplements. Its sales network in France spans across more than 9,000 pharmacies and some 800 hospitals, the South Korean bio firm said. The acquisition comes after recent changes to France's health insurance system, allowing pharmacists to substitute biosimilars for prescribed drugs under certain conditions, Celltrion said. The deal is also expected to generate around 250 billion won (US$169 million) of additional revenue for the company over the next five years, it added. Celltrion said it plans to review selling Gifrer products through its overseas sales channels, while pushing forward with mergers and acquisitions of other widely recognized international companies going forward. The logo of Celltrion Inc. provided by the company (PHOTO NOT FOR SALE) (Yonhap) fairydust@yna.co.kr(END)