Temasek trims Celltrion stake despite stock slump

Singapore’s sovereign wealth fund pares down its stake in South Korea's leading biologic drug maker for the second time this year as it continues to restructure its investment portfolio.

Temasek trims Celltrion stake despite stock slump

Temasek raised W895 billion $793 million from another partial sale in South Korean biopharmaceutical firm Celltrion on Monday, moving quickly to sell the shares shortly after the lockup period for its previous sale expired last month.

Through an accelerated bookbuild offering, Singapore’s sovereign wealth fund sold 3.63 million shares in the Korea-listed firm at W247,000 per share -- at the widest end of the marketed 5% to 8% discount range against the stock’s...

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