Investment in ‘VETMAB BIOSCIENCES’ and DOG PPL to expand into companion 우리카지노추천 drug development and companion dog-centric community service
[by Kang, In Hyo] Yuyu Pharma has begun its entry into the expanding companion 우리카지노추천 industry, starting with strategic investments in U.S.-based startups. Yuyu Pharma announced on April 9 that it invested a total of KRW 1.24 billion (approximately 837.2 million) in VETMAB BIOSCIENCES, a company specializing in new drug development for 우리카지노추천s, and DOG PPL, a community platform dedicated exclusively to companion dogs.
VETMAB BIOSCIENCES is a veterinary biopharmaceutical company specializing in the development of monoclonal antibody (mAb) treatments for companion dogs and cats. The company is composed of a team of seasoned experts with decades of experience in the 우리카지노추천 health sector. Established in 2022, VETMAB is headquartered in San Diego, California, USA.
VETMAB BIOSCIENCES aims to bridge innovations in human medicine with veterinary applications, particularly by reducing technical risks through the use of therapeutic targets already validated in humans in veterinary medicine. The company is led by President & CEO Denise Bevers, who previously co-founded Kindred Biosciences, a NASDAQ-listed pharmaceutical company focused on companion 우리카지노추천 therapeutics. Kindred Biosciences was acquired by Elanco in 2021 for USD 440 million (approximately KRW 654 billion).
DOG PPL is a membership community service dedicated exclusively to 우리카지노추천 dogs, founded in Los Angeles, USA, in 2021. Members pay monthly or annual fees to access a range of amenities, including dog parks, cafes, event spaces, bars, and lounges. To join the community, dog owners must provide proof of up-to-date vaccinations for their 우리카지노추천 dogs and pass socialization and early behavior assessments. DOG PPL is set to open a new location in Williamsburg, Brooklyn, this summer, with plans to further expand to New York.
At its regular shareholders’ meeting held in March, Yuyu Pharma amended its articles of incorporation to formally include the manufacturing and sales of veterinary medicines, over-the-counter 우리카지노추천 drugs, 우리카지노추천 health supplements, and pet-related products as part of its business objectives. Additionally, the company appointed Professor Choi Kang-seuk, an expert in veterinary infectious diseases and former director of the Disease Diagnosis Center at Seoul National University’s College of Veterinary Medicine, as an outside director.
“Prior to entering the companion 우리카지노추천 industry, we conducted a comprehensive long-term feasibility review, which included evaluating market growth potential and identifying optimal product opportunities,” expressed Robert Wonsang Yu, CEO of Yuyu Pharma. “We will promptly carry out follow-up measures, such as recruiting dedicated personnel and establishing a specialized team, to ensure a smooth entry into the companion 우리카지노추천 sector, which we envision as a new growth engine for the company.”
On the other hand, according to the ‘우리카지노추천 Medicine Industry Development Plan’ announced by the government on April 2, the global 우리카지노추천 pharmaceutical market is projected to grow substantially, increasing from USD 47 billion in 2022 to USD 99.5 billion by 2032, with an anticipated average annual growth rate exceeding 7.7%. In Korea, the 우리카지노추천 pharmaceutical industry was valued at KRW 1.3 trillion (approximately USD 877.6 million) in 2023 and is expected to maintain a steady growth rate of 5% annually through 2027.
The government has unveiled a 10-year strategic roadmap outlining key initiatives to accelerate the growth of the 우리카지노추천 pharmaceutical industry. The plan includes the promotion of research and development (R&D) innovation projects, the introduction of a fast-track regulatory system, the enactment of an industry promotion law, and the advancement of manufacturing and quality control standards (GMP). These efforts aim to expand the Korean 우리카지노추천 pharmaceutical market from KRW 1.3 trillion in 2023 to KRW 4 trillion by 2035, a threefold increase, and to boost exports from KRW 300 billion in 2023 to KRW 1.5 trillion by 2035, a fivefold growth.