"Securing New Future Growth Engines"
Dongwha Pharm announced on the 21st that it has made a strategic investment of 5 billion KRW in Fitpet, a pet healthcare solution company.
Through this strategic investment, Dongwha Pharm will utilize the pet healthcare database (DB) owned by Fitpet to research and develop veterinary pharmaceuticals. Along with this, the company secured the priority negotiation rights for the commercialization of pharmaceuticals developed through this investment.
Fitpet is a total pet healthcare solution company that has raised over 60 billion KRW in cumulative investments to date. It offers various pet health management services such as simple pet testing services, health-customized commerce, and finding animal hospitals. Fitpet was consecutively selected as a Baby Unicorn in 2020 and a Pre-Unicorn company in 2021.
A Dongwha Pharm official stated, "This investment is significant as it marks our entry into the rapidly growing pet healthcare industry, securing new future growth engines," and added, "Both companies plan to build a close cooperative relationship to create an ecosystem for total pet healthcare."
Previously, in 2020, Dongwha Pharm made its first merger and acquisition (M&A) in its 123-year history by acquiring Medisys, the number one company in the domestic spinal implant market. In addition, it has invested in digital therapeutics developer 'Hi', as well as LivesMed, Zetema, Hwanin Pharm, Vuno, Nextbiomedical, Gplus Life Science, Caris Life, Organoid Science, and Pico Innovation.
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