The South Korean drugmaker Celltrion acquired iQone Healthcare Switzerland, its long-time distribution partner, for 30 billion won ($21.36 million) through its Hungarian subsidiary. The deal strengthens the company’s presence in the lucrative Swiss pharmaceutical market.
iQone, which has distributed Celltrion’s products since 2016, posted sales of 29.6 billion won in 2023, up from 18.9 billion won the previous year. The Swiss firm’s established network and market expertise have helped drive the success of Celltrion’s Remsima line of biosimilars, which now commands a 61% market share in Switzerland.
By bringing iQone under its corporate umbrella, Celltrion aims to implement more aggressive pricing strategies while leveraging the distributor’s local connections. The company’s European business head indicated the acquisition would accelerate their expansion in the region.
Switzerland’s pharmaceutical market, despite the country’s small population, offers substantial growth potential due to its high drug prices and sophisticated healthcare system. This transaction marks Celltrion’s latest move to strengthen its European distribution network.
