Celltrion said Monday that it has begun canceling approximately 2.3 million treasury shares to enhance shareholder value.

Following the launch of the unified Celltrion, the company aims to bolster its global competitiveness, maintaining shareholder-friendly policies such as outstanding share repurchases.

Celltrion's treasury shares totaling 2,309,813, representing 1.05 percent of its outstanding shares, are valued at approximately 495.5 billion won ($377.1 million).

As a result of this decision, effective Jan. 15, Celltrion's total outstanding shares will be reduced from 220,290,520  to 217,980,707.

The decision to cancel the treasury shares was made by the board of directors on Oct. 23 last year to stabilize the stock price and enhance shareholder value.

As the number of shares is reduced through the cancellation, the value of shares held by shareholders is expected to increase.

Celltrion Group has been steadily working to enhance shareholder value by repurchasing outstanding shares totaling approximately 1.25 trillion won last year, paying a cash dividend of 500 won per share at the end of the year, totaling 103.7 billion won.

The company plans to continue its shareholder-friendly policies to return profits to investors, as the recent merger with Celltrion Healthcare has solidified its foothold to become a global big pharma by strengthening cost competitiveness.

"We will continue to do our best to gain the trust of our shareholders and enhance the value of our company through continuous communication this year," a Celltrion official said.

Celltrion shares went down by 3.26 percent to 207,500 won as of 11:50 a.m. Monday.