CMG Pharmaceutical (058820), an affiliate of CHA Biotech, will jointly develop pet health care products with SKY Animal Medical Center.
CMG Pharmaceutical said on the 21st that it had signed a memorandum of understanding with SKY Animal Medical Center to co-develop pet health care products and cooperate on the business.
The two companies plan to jointly develop supplements for liver, pancreas and kidney health in pets. CMG Pharmaceutical will handle raw material and product manufacturing as well as related licensing and approval work, while SKY Animal Medical Center will draw on its clinical experience with animals to advise on formulation ratios and take charge of marketing and distribution.
The agreement was arranged to jointly develop pet health care products that combine a colostrum exosome ingredient with existing materials, and to build a cooperative framework spanning production to distribution. Colostrum exosomes are a functional material for pets developed by CHA Advanced Research Institute (CHARI) of CHA Hospital and CHA Biotech Group using extracellular vesicle (EV) separation and purification technology. CMG Pharmaceutical recently obtained ingredient approval for colostrum exosomes and has built a colostrum separation and purification facility.
Through the agreement, CMG Pharmaceutical plans to expand the veterinary-only lineup of its pet product brand "Chaoreu" and strengthen its portfolio of professional-use products. SKY Animal Medical Center will take part in distributing the jointly developed products to sharpen their competitiveness in pet health care.
"As the pet health care market grows, it is becoming more important to combine research and development capabilities in the pharmaceutical and biotech field with the expertise of clinical animal medicine," said CMG Pharmaceutical CEO Lee Ju-hyung. "Building on our cooperation with Incheon SKY Animal Medical Center on treatments for intractable diseases, we will push ahead with a range of health care products and technologies and strengthen our competitiveness in pet health care."
SKY Animal Medical Center is a network of large animal hospitals that began with its Bucheon branch in 2011 and now operates locations in major regions across the country, including Incheon, Suwon and Cheonan. It provides specialized veterinary care in fields such as internal medicine, surgery and diagnostic imaging.