Seo Jung-jin is cofounder of Celltrion, which focuses on making copies of off-patent medication … [+]
Courtesy of Celltrion
This story is a part of Forbes’ protection of Korea’s Richest 2021. See the complete listing here.
For the primary time ever Korea’s richest particular person is a self-made billionaire. Seo Jung-jin, cofounder of drugmaker Celltrion, tops this yr’s rating with a web price of $12.5 billion. Since the inaugural listing in 2005, the No. 1 perch has all the time been occupied by one of many head honchos of both the Samsung or Hyundai chaebols, second-generation heirs who inherited their fortune. Seo began the corporate in 2002 after his former employer, Daewoo Motor, declared chapter.
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Debuting on the listing in 2012, Seo noticed his wealth swell by 10% this yr due to rising gross sales of his firm’s biosimilars—generics off-patent medication. Last yr Celltrion developed a Covid-19 antibody therapy, which was conditionally permitted in South Korea in February, pending phase-three medical trial outcomes. Revenue for his flagship Celltrion Inc. rose 64% to $1.6 billion, whereas web revenue jumped 74% to $440 million in 2020.
Seo marked one other milestone this yr, retiring from the Celltrion group in March. His eldest son Jin-seok, 36, now chairs Celltrion Inc. and Celltrion Pharm, whereas second son Joon-serk, 34, chairs advertising and marketing unit Celltrion Healthcare.
