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CG Bio became the largest shareholder in Innosys, a research and manufacturing company focused on orthopedic implants, following the completion of an equity acquisition.
CG Bio specializes in the integration of biotechnology to develop medical devices, including Novosis bone substitute and the Novomax cervical cage which is based on bioactive glass ceramics.
The strategic acquisition aims to leverage Innosys’ R&D capabilities in spinal implants and its cGMP-standard manufacturing facilities, synergizing with CG Bio’s biomedical ventures.
Established in 1993, Innosys was renamed as U&I Corporation in 2000. Since then the company has developed numerous orthopedic devices and entered into distribution agreements with Zimmer Spine and Wright Medical, and established a U.S. branch in 2012. In 2022, it underwent a name change to Edisoninno, finally landing on the Innosys moniker in the middle of that year.
The acquisition will leverage Innosys’ R&D in the spine segment, synergizing with CG Bio’s orthobiologic and spinal devices.
Following the completion of the acquisition, CG Bio has initiated a series of internal personnel and organizational restructuring to accelerate its business objectives. Notably, CG Bio’s Chief Operating Officer Chung Ju-mi has been appointed as the new CEO of Innosys.
According to CG Bio, Chung has expertise in marketing within the spine, orthopedics and interventional medical fields and held significant roles at Johnson & Johnson Asia Pacific as Business Development Manager and Abbott Korea’s Vascular Division.
“Since she was appointed COO of CG Bio in May 2021, she has played a pivotal role in the global market expansion of CG Bio’s flagship products,” the company said.
CG Bio has established new divisions for sales, marketing and production research to enhance its capabilities in these areas. The recent launch of a Spine & Biologic division at the beginning of 2024 will lead marketing activities for both companies and strengthen global business cooperation with Innosys.
“M&A, which combines technology and resources to create a larger scale and competitiveness, can be a way for medical device manufacturing companies to compete in the global market,” CG Bio CEO Yu Hyun-seung said. “The acquisition of this stake is an important step for CG Bio to take a new leap forward, and we will be able to secure a stronger position in the global medical device market.”
Innosys CEO Chung also said, “Recently, new convergent medical devices are being actively developed due to the development of fourth industrial technology and changes in the medical paradigm, and barriers to overseas technology trade are getting higher and higher.”
Source: Korea Biomedical Review
CG Bio became the largest shareholder in Innosys, a research and manufacturing company focused on orthopedic implants, following the completion of an equity acquisition.
CG Bio specializes in the integration of biotechnology to develop medical devices, including Novosis bone substitute and the Novomax cervical cage which is based on bioactive...
CG Bio became the largest shareholder in Innosys, a research and manufacturing company focused on orthopedic implants, following the completion of an equity acquisition.
CG Bio specializes in the integration of biotechnology to develop medical devices, including Novosis bone substitute and the Novomax cervical cage which is based on bioactive glass ceramics.
The strategic acquisition aims to leverage Innosys’ R&D capabilities in spinal implants and its cGMP-standard manufacturing facilities, synergizing with CG Bio’s biomedical ventures.
Established in 1993, Innosys was renamed as U&I Corporation in 2000. Since then the company has developed numerous orthopedic devices and entered into distribution agreements with Zimmer Spine and Wright Medical, and established a U.S. branch in 2012. In 2022, it underwent a name change to Edisoninno, finally landing on the Innosys moniker in the middle of that year.
The acquisition will leverage Innosys’ R&D in the spine segment, synergizing with CG Bio’s orthobiologic and spinal devices.
Following the completion of the acquisition, CG Bio has initiated a series of internal personnel and organizational restructuring to accelerate its business objectives. Notably, CG Bio’s Chief Operating Officer Chung Ju-mi has been appointed as the new CEO of Innosys.
According to CG Bio, Chung has expertise in marketing within the spine, orthopedics and interventional medical fields and held significant roles at Johnson & Johnson Asia Pacific as Business Development Manager and Abbott Korea’s Vascular Division.
“Since she was appointed COO of CG Bio in May 2021, she has played a pivotal role in the global market expansion of CG Bio’s flagship products,” the company said.
CG Bio has established new divisions for sales, marketing and production research to enhance its capabilities in these areas. The recent launch of a Spine & Biologic division at the beginning of 2024 will lead marketing activities for both companies and strengthen global business cooperation with Innosys.
“M&A, which combines technology and resources to create a larger scale and competitiveness, can be a way for medical device manufacturing companies to compete in the global market,” CG Bio CEO Yu Hyun-seung said. “The acquisition of this stake is an important step for CG Bio to take a new leap forward, and we will be able to secure a stronger position in the global medical device market.”
Innosys CEO Chung also said, “Recently, new convergent medical devices are being actively developed due to the development of fourth industrial technology and changes in the medical paradigm, and barriers to overseas technology trade are getting higher and higher.”
Source: Korea Biomedical Review
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Julie Vetalice is ORTHOWORLD's Editorial Assistant. She has covered the orthopedic industry for over 20 years, having joined the company in 1999.
