Celltrion Group has decided to cancel the merger of its two units, Celltrion and Celltrion Pharm, following resistance from shareholders. Instead, the companies will concentrate on their core operations and seek to generate synergy within their respective firms. This decision follows extensive evaluations by a special review committee, which was established by their boards of directors and conducted external studies and shareholder surveys to ensure an unbiased and independent assessment of the merger's alignment with shareholder interests. The committee focused on five key areas to determine the feasibility of the merger and its potential impact on shareholder interests. The proposed merger received mixed feedback from shareholders, with a significant percentage opposing the plan. While the possibility of the merger remains open depending on shareholder opinions, Celltrion officials have emphasized their commitment to prioritizing growth and enhancing value. External evaluations, particularly on the merger ratio, highlighted skepticism about the immediate benefits of the merger and concerns about realizing Celltrion Pharm's growth potential. Despite this decision, major stakeholders, including Celltrion Chairman Seo Jung-jin and Celltrion Holdings, have maintained a neutral stance.