SEOUL, November 25 (AJP) - Korea Eximbank said Tuesday it will provide 350 billion won (about $237 million) in financing to support Celltrion’s acquisition of Eli Lilly’s biosimilar manufacturing plant in the United States.
The acquisition is aimed at strengthening the Korean drugmaker’s supply chain and expanding its presence in the world’s second-largest biosimilar market. Celltrion earlier said it will spend a total of roughly 1.4 trillion won on acquisition, early operations and later expansion of the plant.
The U.S. market is expected to grow rapidly as patents for blockbuster drugs worth more than 1 trillion won in annual sales expire. Washington’s continued push to lower healthcare costs through greater biosimilar uptake is also driving demand, the company said.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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