Celltrion receives $240 million from Korea Eximbank

The Export–Import Bank of Korea (Korea Eximbank) announced on the 25th that it would provide 350 billion won ($240 million) in financing to support Celltrion’s acquisition of a U.S. manufacturing facility owned by Eli Lilly.

Through this financial backing, Celltrion would be able to establish an integrated production and sales system within the United States, the world’s largest pharmaceutical market.

Earlier in September, Celltrion said that it would spend 460 billion won ($310 million) to acquire the manufacturing facility of Eli Lilly.

The bio-industry is increasingly recognized as a core element of national security and a driving force behind global economic growth, according to market observers.

In response, the Korean government has been pursuing a range of initiatives aimed at strengthening the competitiveness of the domestic biopharmaceutical sector, widely referred to as “K-Bio.”

Particularly strong attention is being given to the biosimilar segment, where Korean companies have demonstrated notable global leadership.

The United States is the world’s second-largest biosimilar market after Europe, and the U.S. government has recently implemented a number of policies favoring biosimilar adoption as a way to reduce healthcare costs.

With multiple blockbuster biologics set to lose patent protection in the coming years, the American biosimilar market is expected to expand rapidly.

Korea Eximbank stated that it has been actively supporting domestic biotechnology companies in securing global competitiveness through programs.

The bank stressed that its support for Celltrion reflects its commitment to strengthening the overseas expansion capabilities of major players in the K-Bio industry.