Completion of Shinju Acquisition Payment
Establishment of Joint CEO System with Woo Ungjo and Hwang Taesoon
"Securing a Stable Genetic Testing Service Foundation"
Lotte Healthcare is establishing a co-CEO system for Teragen Health, a joint venture founded with Teragen Bio. Through this, the strategy is to strengthen the personalized genetic analysis service of the healthcare platform 'Kazle'.
Woo Ung-jo, Head of Lotte Healthcare, is presenting at the Lotte Healthcare Cazle Grand Open Media Day held at Jamsil Lotte World Tower. [Photo by Lotte Healthcare]
On the 6th, Lotte Healthcare announced that Woo Woong-jo, Head of Business Division at Lotte Healthcare, and Hwang Tae-soon, CEO of Teragen Bio, were jointly appointed as CEOs of Teragen Health, a joint venture established with Teragen Bio, a subsidiary of Teragen Etex.
To this end, Lotte Healthcare paid the full subscription amount of approximately 23.5 billion KRW for new shares of Teragen Health on the 5th. This is a follow-up measure to the announcement on August 31 that Teragen Etex would issue 55,251 common shares to Lotte Healthcare as an allottee. Through this, Lotte Healthcare secured a 51% stake in Teragen Health, becoming the largest shareholder.
Teragen Health is in charge of the genomic analysis service of the healthcare platform Kazle, which Lotte Healthcare launched on the 18th of last month. To this end, Lotte Healthcare released the Direct to Customer (DTC) genetic testing kit 'Fromgene'.
Fromgene provides information on 69 types of genes related to nutrients, skin, hair, and eating habits, and test results can be checked on the Kazle app. Using 19 characters, it helps users easily understand their genetic strengths and weaknesses, and based on the test results, Kazle offers personalized health information and product recommendations.
Meanwhile, regardless of the shareholding ratio, the joint management system between Lotte Healthcare and Teragen Bio will continue. This is because Teragen Bio's expertise is necessary for the upcoming personalized weight management service based on microbiome testing, in addition to genetic analysis.
A Lotte Healthcare official said, "It is significant that we have established a foundation to stably operate the genetic testing service, which is one pillar of our services," adding, "We will continue to cooperate with Teragen Bio to secure expertise, and by strictly adhering to government guidelines such as the Bioethics Act, we will lead the creation of a healthy digital healthcare market ecosystem through research and development and business operations."
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