Investment of 1.24 Billion KRW Completed
Yuyu Pharma is entering the pet industry, which is expected to continue growing steadily, starting with investments in U.S. startups.
On the 9th, Yuyu Pharma announced that it had made a total investment of 1.24 billion KRW in the animal drug development company 'VETMAB BIOSCIENCES' and the dog-exclusive community service 'DOG PPL.'
'VETMAB BIOSCIENCES' is a veterinary biopharmaceutical company established in 2022 that develops monoclonal antibody (mAb) therapeutics for dogs and cats, headquartered in San Diego, USA. It focuses on minimizing technical risks by applying targets validated in human medicine to veterinary medicine.
'DOG PPL' is a dog-exclusive membership community service founded in 2021 in Los Angeles, USA. Members pay monthly or annual fees to access various amenities such as dog parks, cafes, events, bars, and lounges. It plans to open a new branch in Williamsburg, Brooklyn in the summer of 2025, aiming to expand into New York.
Earlier, at the shareholders' meeting held last month, Yuyu Pharma amended its articles of incorporation to add the manufacture and sale of veterinary pharmaceuticals, veterinary quasi-drugs, animal health functional foods, and pet supplies to its business objectives. Additionally, Professor Kangseok Choi, a veterinary infectious disease expert who served as the head of the Disease Diagnostic Center at Seoul National University College of Veterinary Medicine, was newly appointed as an outside director.
Yuwonsang, CEO of Yuyu Pharma, said, "We conducted a long-term business feasibility review to confirm market growth potential and find optimal products for entering the pet industry. We will swiftly complete follow-up tasks such as hiring dedicated personnel and establishing a team for the pet business and focus on the smooth landing of Yuyu Pharma’s new growth engine in the pet industry."
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