iTech Acquires Shares of Songjeong Yakpum... Launches 'Vaccine Distribution and Cold Chain' Business

[Asia Economy Reporter Hyunseok Yoo] ITEC announced on the 16th that it has secured a 25% stake following the completion of an accounting firm audit and corporate valuation of Songjeong Yakpum. According to the contract schedule, ITEC is expected to become the largest shareholder by acquiring a 53% controlling stake through an additional paid-in capital increase in early January next year.

Following the UK’s world-first COVID-19 vaccination rollout on the 8th, the US has also launched a vaccination campaign aiming to inoculate 100 million people by the first quarter of 2021. Our government recently secured a total of 44 million doses, enough to vaccinate 88% of the domestic population, including 34 million doses from AstraZeneca, Pfizer, Janssen, and Moderna vaccines, as well as 10 million doses from COVAX. Vaccinations are expected to begin as early as February next year.

An ITEC official stated, “Domestic preparations for the vaccination campaign are underway in earnest, and accordingly, companies related to the cold chain, an essential process in vaccine distribution, are receiving attention,” adding, “The importance of reorganizing and expanding the existing cold chain logistics infrastructure is emerging.”

The official added, “The industry expects that once COVID-19 vaccinations begin, demand for specialized vaccine distribution companies will increase and related industries will experience rapid growth,” and “There are only a limited number of domestic companies that have long been engaged in related businesses, so there is high expectation for Songjeong Yakpum, which has secured competitiveness in this field.”

He continued, “To proactively respond to the rapidly expanding vaccine and therapeutic markets starting next year, Songjeong Yakpum is preparing to establish a nationwide network of joint cold chain logistics centers with partner companies,” and “They are strengthening overall related infrastructure such as bio-pharmaceutical transport packages and cold chain transportation systems.”

Founded in 2008, Songjeong Yakpum is a distributor of vaccines and specialized pharmaceuticals, recording an average annual sales of 26 billion KRW over the past five years. Led by executives from Green Cross and Celltrion Pharm, the company supplies various vaccines and antiviral agents through government procurement to public health centers nationwide, over 600 hospitals and clinics, and military units.

This content was produced with the assistance of AI translation services.