Celltrion’s partnership with Teva will drive rapid market expansion: analyst

[THE INVESTOR]  South Korean pharmaceutical company Celltrion will accelerate its growth and market expansion, driven by the recent exclusive partnership with Teva Pharmaceuticals Industries to commercialize its biosimilar candidates, a local brokerage said on Oct. 13.

Celltrion Healthcare, the company’s overseas marketing affiliate, has struck a deal to give Israel’s Teva the exclusive right to commercialize Celltrion’s CT-P10 and CT-P6 in Canada and the US on Oct. 6. 

“The move will lead to faster market expansion as the two biosimilar drugs are the most advanced of their kind and are expected to dominate the market in advance,” said Noh Kyung-chul, an analyst at SK Securities.

CT-P10 is a potential biosimilar for Rituxan and CT-P6 is a potential biosimilar for Herceptin.

“When the two biosimilar candidates are launched, they will quickly penetrate into the market by pushing out the original drugs,” he said.

SK Securities raised Celltrion’s stock price target to 150,000 won (US$132.28) from 135,000 won while retaining a “buy” rating.

By Park Han-na (hnpark@heraldcorp.com)