CMG Pharma acquires animal nutrition company ING Medix

CMG Pharmaceutical, a subsidiary of South Korea's CHA Biotech, said on Monday that it is moving into the pet nutrition supplement market by acquiring ING Medix, a specialist in animal nutrition, and making it a subsidiary.

CMG explained that it expects to create synergies by combining ING Medix's nutritional know-how for companion animals with its own technology and distribution network.

The company also said that it will proceed with the development of veterinary medicine in the future. Earlier last month, CMG announced that it would establish a new animal drug division and enter the pet healthcare market.

"We will achieve annual sales of 50 billion won ($40 million) in the companion animal market by 2030 through continuous development of new products and partnerships with other companies," said Lee Joo-hyung, CEO of CMG Pharmaceutical. 

Write to Ji-Hyun Lee at bluesky@hankyung.com