WSI Completes Acquisition of 'IntroBioPharma'..."Secures Both Growth and Profitability"

WSI, a specialized company in pharmaceutical and medical device distribution, has completed the acquisition of IntroBioPharma, a leading pharmaceutical company with annual sales of approximately 20 billion KRW.

On the 17th, WSI announced that it had completed the final payment for the acquisition of IntroBioPharma, a company specializing in pharmaceutical research, development, and manufacturing. In May, WSI had disclosed that it would acquire 67% of IntroBioPharma's shares for about 18.8 billion KRW.

With the acquisition process completed, WSI has secured IntroBioPharma's excellent pharmaceutical research, development, and manufacturing capabilities. IntroBioPharma is a small to medium-sized pharmaceutical company with strengths in the cardiovascular and metabolic disease sectors. It currently holds marketing authorization for 149 drugs and distributes 105 products. It also has a PIC/S (Pharmaceutical Inspection Co-operation Scheme) GMP (Good Manufacturing Practice) certified facility located in Pyeongtaek, Gyeonggi Province.

Additionally, based on an efficient production system and formulation development capabilities, IntroBioPharma holds strong competitiveness in the pharmaceutical contract development and manufacturing organization (CDMO) sector. Leveraging its technology and competitiveness, the company has demonstrated high growth potential and profitability. Last year, its sales increased by 46% year-on-year to 23.6 billion KRW, and operating profit rose by 155% year-on-year to 1.6 billion KRW.

Through the acquisition of IntroBioPharma, WSI plans to expand its business scope from pharmaceutical distribution to pharmaceutical research, development, and manufacturing. In particular, it aims to maximize business synergy based on WSI's sales capabilities and distribution network.

A WSI representative stated, "Together with IntroBioPharma, we plan to actively utilize WSI's network of approximately 400 hospitals and clinics to establish new growth engines in the pharmaceutical manufacturing business," adding, "We will actively pursue business expansion by increasing the number of authorized products and aim to achieve significant growth and profitability this year as well."

Meanwhile, at the extraordinary general meeting of shareholders held on the 14th, IntroBioPharma appointed Park Jeongseop, Chairman of WSI, and Lee Yunseok, CEO of WSI, as inside directors. WSI is making a full-scale entry into the pharmaceutical business with the acquisition of IntroBioPharma and securing management rights.