Celltrion chairman Seo Jung-jin said Tuesday he will sell all of his stakes in the company with the largest market cap in the KOSDAQ and its affiliates, including Celltrion Healthcare, to a multinational pharmaceutical company.

“Company funds are being used to buy company shares due to shortselling (by unknown groups),” Seo said in a press conference.

“I will sell stakes in Celltrion to a multinational pharmaceutical firm as early as May or no later than the end of June for the company’s sake.”

The sale will be completed within this year after Celltrion attains the EU’s approval for its biosimilar antibody Remsima.

Seo stressed that he was tired of the shortselling attacks and the financial authorities’ negligence for the past two years.

He has claimed that some groups have been spreading false rumors to bring down Celltrion’s stock price and profit through shortselling.

Shortselling of Celltrion stocks has increased sharply since 2011.

Seo holds a 97.28-percent stake in Celltrion Holdings, a 50.31-percent stake in Celltrion Healthcare, a 68.42 percent stake in Celltrion GSC and a 7.27-percent stake in Celltrion ST.

By Kim So-hyun (sophie@heraldcorp.com)