AdBiotech, an immunoglobulin specialist, has moved to diversify its business by acquiring a stake in pet healthcare company Onhil.
The immunoglobulin-focused biotech firm said Thursday it had acquired a 12.28% stake in Onhil for about 10 billion won.
AdBiotech disclosed Thursday that its board of directors decided on March 3 to acquire 181,269 shares of Onhil. The stake represents 12.28% of Onhil's total shares, with an acquisition amount of 9.96979 billion won. This equals 29.25% of AdBiotech's equity capital. The acquisition makes AdBiotech Onhil's second-largest shareholder.
According to the company, the investment is part of a strategic move to diversify its business and secure growth drivers. After appointing Kim Do-hyung as chief executive officer at an extraordinary shareholders' meeting in June, AdBiotech has been strengthening its existing immunoglobulin-based business while expanding its portfolio into biotech research and development, medical and healthcare, pet care, and digital platforms.
Based on the One Health concept, Onhil operates a range of businesses including a non-clinical contract research organization (CRO), pharmaceutical and medical device design and distribution, animal drug licensing, the VETUS veterinary prescription platform, business-to-consumer (B2C) pet product distribution, and pet healthcare research and development.
"This stake acquisition is part of our business diversification for sustainable growth," an AdBiotech official said. "Based on the stake we have secured, we will strengthen strategic partnerships and actively identify new business opportunities."
