ITech Completes Acquisition of Songjeong Pharmaceuticals... "Entering the Main Track of Vaccine and Specialty Drug Business"

[Asia Economy Reporter Hyunseok Yoo] ITEC announced on the 5th that it has completed the paid-in capital increase for Songjeong Yakpum, securing a total of 53% of the management rights shares and completing the acquisition. It has established a triangular cooperative relationship connecting its subsidiary ITECH H&D, Songjeong Yakpum, and Dongwoo Tech, thereby establishing a distribution business system for vaccines and specialized pharmaceuticals.

A company official stated, “With the global rollout of COVID-19 vaccinations and domestic vaccinations scheduled to begin within the first quarter of this year, possessing distribution know-how and cold chain technology has become extremely important. Through the collaborative system between Songjeong Yakpum, which has accumulated extensive experience in vaccine distribution and delivery, and Dongwoo Tech, which possesses unique cold chain ICT technology and platforms, we will be able to respond swiftly to the expanding market and will actively provide liquidity support for this purpose.”

Additionally, ITEC plans to build a joint cold chain logistics center in cooperation with related industries. Recently, ITECH H&D signed a business agreement with Dongwoo Tech, which owns cold chain infrastructure, to cooperate on technology development and marketing enhancement.