AZ, desperate to add some revenue to its flagging fortunes, apparently is looking at entering the biosimilar business by buying Korea's Celltrion. I didn't see that one coming. Celltrion, in the past month has received European support for its biosimilar version of Remicade, but otherwise has not lived up to its aspirations as either a CMO or a producer of biosimilars -- and perhaps even innovative drugs. Last April, its Chairman said he planned to sell his stake in the company to "a multinational". Some entity with a lot of money? See Fierce Biotech.
Well, it looks like AstraZeneca's desperation may be Celltrion's gain. I don't know if AZ shareholders will be so happy if this deal goes through, but I know that Celltrion's chairman will. Look for AZ to start spending like a drunken soldier on leave in Seoul.
Posted by Bruce Lehr July 31st 2013.