Celltrion and its affiliate Celltrion Healthcare said on Monday that their boards of directors decided to repurchase shares to stabilize stock prices.

Celltrion plans to repurchase 547,946 shares worth 100 billion won (182,500 won per share).

Celltrion Healthcare is to buy back 673,854 shares worth 50 billion won (74,200 won per share). The buyback program will start on Tuesday and run until April 10.

The price for the buyback was set based on the closing stock price of Friday, one trading day before the board of directors' decision. Therefore, the buyback price could change depending on changes in the stock price.

The two companies are expected to hold repurchased shares for more than six months from the final acquisition date.

Celltrion holds 1.32 million shares, and Celltrion Healthcare has 1.73 million shares.

“Considering the company's intrinsic value and growth potential, we thought that the current share price was too undervalued compared to the corporate value. So we decided to buy back our stock,” an official at Celltrion said. “We will continue to preserve corporate value and enhance shareholder value.”

The buyback plan did not include Celltrion Pharm, which distributes Covid-19 antibody treatment Regkirona (ingredient: regdanvimab) in the domestic market.

Celltrion did not elaborate on why Celltrion Pharm did not plan to repurchase shares.