Yuhan Corporation Partners with Osang Healthcare to Foster New Business Growth and Create Synergy

Yuhan Corporation announced on the 31st that it has signed a strategic alliance and business cooperation agreement with Osang Healthcare. Through this agreement, the two companies agreed to mutually cooperate to 'discover and nurture new growth industry engines' and 'create synergy in existing businesses.'

Lee Dong-hyun, Chairman of Osang Healthcare (left), and Cho Wook-je, CEO of Yuhan Corporation, are taking a commemorative photo at the signing ceremony held on the 31st at the Yuhan Corporation headquarters in Dongjak-gu, Seoul.
[Photo by Yuhan Corporation]

The main contents of the agreement include ▲ cooperation in new business areas represented by artificial intelligence (AI) and digital healthcare ▲ expansion of sales through mutual utilization of domestic and international networks ▲ cooperation in the development, supply, marketing, and regulatory approval of in vitro diagnostic products ▲ joint investment in synergy businesses between the two companies.

The two companies plan to continuously expand exchanges to enable practical cooperation in the future. Additionally, they mentioned plans for joint investment in mergers and acquisitions (M&A) of companies operating businesses that can generate mutual synergy.

Osang Healthcare has been cooperating with Yuhan Corporation since last year to supply COVID-19 self-test kits to pharmacies. Yuhan Corporation explained that this cooperative experience led to the signing of the current agreement.

Jo Wook-je, CEO of Yuhan Corporation, said, "With the signing of this business cooperation agreement with Osang Healthcare, a specialized in vitro diagnostics company, we believe we can promote cooperation in various business fields," adding, "We will strengthen cooperation in business areas where synergy effects between the two companies can be expected."

Lee Dong-hyun, Chairman of Osang Healthcare, stated, "Through cooperation with Yuhan Corporation, which leads the entire bio-healthcare field from prescription drugs to animal medicines and daily necessities, we will strive to transform from a specialized in vitro diagnostics company into a bio-healthcare company."

Founded in 1996, Osang Healthcare is a specialized in vitro diagnostics company engaged in molecular diagnostics, immunodiagnostics, and biochemical diagnostics. It has expanded into over 100 countries worldwide, with most of its sales generated overseas. In the first quarter of this year, it recorded its highest-ever performance with consolidated sales of 285.5 billion KRW and operating profit of 155.6 billion KRW.