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Sanigen enters the Japanese market... Overseas business ‘accelerates’

No. 1 2023.09.11 View 1021

 

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Created Date 2023.8.29

Sanigen, which is seeking to enter the KOSDAQ market in the second half of the year, is accelerating its overseas business as a growth strategy after listing. We signed a product supply contract with Kyowa Medical, a Japanese company specializing in HACCP certification and microbial testing. Following its recent entry into the Thai market, it is seeking to expand its business in Japan.

◇ Targeting Japan with food poisoning bacteria diagnostic products

On the 28th, Sanigen announced that it had signed a contract with Wa Medical to supply products related to molecular diagnostics, food pre-processing products, and eco-friendly sterilization products. Kyowa Medical was established in 1986 and has grown in the food safety field based on HACCP certification and inspection and food hazardous microorganism testing.

Through this contract, Genelix, a rapid PCR molecular diagnostic product, GeNext, a mass molecular diagnostic product based on next-generation genetic analysis technology (NGS), ForLabs, a food safety inspection sampling and preprocessing product, and ice maker safety management. We plan to supply products such as Sani-I to Kyowa Medical.

Sanigen is scheduled to be listed as the ‘No. 1’ food safety company. Based on the research capabilities accumulated by founder and CEO Park Jeong-woong in the field of microorganisms and genomes, the company aims to become a 'total solution provider' that provides everything from food poisoning bacteria diagnosis to sterilization at once.

In order to expand the market, we have continued to advance into Japan, where there is great interest in the food safety industry, and this time we have found a partner. According to market research company IMARC, the size of the Japanese food safety inspection market last year was $963 million (approximately 1.3 trillion won) and is expected to grow by an average of 7% every year going forward. In Japan, a high level of food safety management is required after a food poisoning accident caused by raw meat in the early 2010s.

Sanigen plans to promote its products along with Kyowa Medical at the Japanese Society of Food Microbiology and the Kansai International Food Exhibition (FABEX KANSAI 2023) in Japan next month and in October. A company official said, "Japan is still in the early stages of introducing molecular diagnostics using PCR or NGS technology, so sales of Sanigen's technology products are expected to increase rapidly in the future."

◇Supply performance in Thailand... Southeast Asia expansion plan

Sanigen's overseas business expansion is attracting attention as it is in line with its post-IPO growth strategy. Sanigen, which received approval for a merger with KB No. 23 Pack from the KOSDAQ Market Headquarters of the Korea Exchange last month, quickly submitted a securities report at the end of the same month. It is scheduled to be listed in November following a general shareholders' meeting to approve the merger at the end of next month.

Sanigen is making efforts to advance into overseas markets, planning to use most of the funds flowing in through the SPAC merger for overseas business and recruiting R&D (research and development) personnel. It is a two-track strategy to target advanced markets such as the United States, Europe, Japan, and Southeast Asia, where interest in food hygiene has recently increased.

Recently, results are being revealed in Southeast Asia as well. At the end of last month, we signed a three-year product distributorship agreement with Smart Science Co., Ltd., a Thai scientific equipment distributor. We plan to mainly supply Forlabs, a product for food safety inspection sampling and pre-processing. In line with the growth of the food safety industry in Southeast Asia, we decided to preemptively enter the market.

A commercialization strategy similar to the one signed with Smart Science in Thailand is being developed in other countries. We are also seeking to discover and collaborate with local agency candidates in the Philippines, Singapore, Malaysia, and Indonesia.

 

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