Celltrion to buy back its shares for 4th time this year

South Korean biopharmaceutical firm Celltrion Inc. said Friday it will spend around 100 billion won (US$72.3 million) to buy back its shares for the fourth time this year in a bid to increase its shareholders' value.The buyback of a total of 537,924 shares will begin next week, according to the company.It will mark the fourth share buyback by Celltrion this year, following such moves in March, April and June.The combined worth of the company's share buyback this year is expected to surpass 330 billion won.Celltrion said it has made such a decision to boost its shareholders' value.The company noted its corporate value remains underrated despite recent milestones, such as increasing sales of its flagship products in the global market, and the launch of new medical treatments, including the autoimmune disease treatment Zymfentra in the United States.The drugmaker also bought back its shares worth 1.27 trillion won last year and canceled 700 billion won worth of shares earlier this year.Shares in C elltrion were trading at 187,100 won at 11:30 a.m., up 0.65 percent from the previous session's close.Source: Yonhap News Agency