South Korea’s cosmetics and pharmaceutical company Korea Kolmar Holdings Co. acquired a 10.76 percent stake in genetic information analyzing company EONE-DIAGNOMICS Genome Center Co. (EDGC), vowing to foster the genome business as its new growth engine.
Korea Kolmar Holdings said on Wednesday that it has agreed to buy a 10.76 percent stake in EDGC, a joint venture set up by Korea’s EONE Laboratories and U.S.-based Diagnomics. The joint company holds genome analysis and application technologies and partners with another U.S. company Illumina, which is also the world’s largest genome analysis company and equipment maker. They did not disclose the value of the deal.
The acquisition is expected to allow Korea Kolmar Holdings to venture into the genome business, a new business realm that would help the Korean company prepare the fourth industrial revolution.
The genome business is to analyze human DNA data and use the analysis results to develop customized products and services in cosmetics, medical and food sectors. This requires application of nanotechnology, biotechnology and big data, core technologies representing the fourth industrial revolution.
Korea Kolmar Holdings expected the EDGC’s bioinformatics technology and global networks that have allowed it to produce massive genome big data would have great synergy effect when combined with Korea Kolmar’s manufacturing and marketing capability.
Following the acquisition, Korea Kolmar Holdings plans to develop tailored products and services for different consumers based on personal genetic information. It also aims to foster the genome business as its new growth engine in the era of the fourth industrial revolution.
“Genome analysis will make it possible to recommend cosmetics containing vitamin C to those who are deficient in the vitamin,” said an official at the company. Furthermore, genome business can be applied to the preventive medical area including the non-invasive antenatal test and cancer diagnosis service, the official added.
By Lee Young-wook
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