Celltrion, a Korean biosimilar giant, said on Friday it has completed the acquisition of iQone Healthcare Switzerland for approximately 30 billion won ($21.3 million) as part of its European expansion strategy.

After completing the acquisition, iQone Healthcare Switzerland will become a wholly-owned subsidiary of Celltrion Healthcare Hungary Kft. This deal will also provide Celltrion with access to in-licensing opportunities, further enhancing its pipeline of innovative therapies.

In 2022, iQone recorded an annual revenue of 18.9 billion won ($18.9 million) and achieved a 57 percent sales growth to 29.6 billion won in 2023.

Celltrion said the acquisition will further accelerate the expansion of its prescriptions in Switzerland. Sales performance remains robust in the country, with the Ramsima family (IV and SC) capturing a 61 percent market share in the second quarter of this year, according to IQVIA data.

The company noted that its follow-up products are anticipated to rapidly gain market share in a more stable sales environment through direct sales. Notably, SteQeyma (a Stelara biosimilar) for autoimmune diseases and Eyedenzelt (an Eylea biosimilar) for ophthalmic conditions are set for launch in 2025, which is expected to create synergies by expanding treatment areas and diversifying the product portfolio.

According to IQVIA, Switzerland has a market of approximately 170 billion won for infliximab, 165 billion won for adalimumab, and 50 billion won for rituximab, making it a favorable environment for stable sales performance for Celltrion's key products.

“This move represents a strategic shift in our growth strategy. While we have successfully built direct sales networks, we are now leveraging acquisitions to accelerate our European expansion,” said Ha Tae-hun, Head of Europe and Vice President of Celltrion.

“With a distribution network spanning more than 20 regions, we are well-positioned to compete in the increasingly competitive biosimilar market.”

Laurent Massuyeau, founder and Executive Chairman of iQone Healthcare Switzerland, shared his optimism, saying, “Our successful decade-long partnership with Celltrion has laid very strong foundations for this integration. By combining Celltrion’s portfolio expertise with our established commercial operation, this acquisition will drive growth and enhance access to essential biosimilar and innovative medicines in Switzerland.”