VIENTIANE, LAOS, February 17, 2023 Laos Biospring.LTD and Singapore Zen science announced that the two parties have signed a joint venture agreement to establish a new joint venture company BioZen Health in Laos to engage in the manufacture and sale of high value-added medical beauty products and health food, and provide related services locally.
The two companies stated that BioZen Health was established in February this year, and the goal is to start selling related products in Q2 of 2023. It is reported that the transaction has been approved by Lao regulators. The new company's products are expected to be sold in Mainland China, Southeast Asia, and Europe.
Eric.Ju, the executive director of Zen science in Singapore, will serve as the general manager and executive director of the new joint venture company, and the appointment will take effect on March 1. Eric served as the project leader of Zen science in Greater China, and was later appointed as the head of BioZen Health JV Prep Office. Biospring appointed liaison Spencer Won as CMO of the joint venture.
BioZen Health hopes to combine Zen science's advanced biotechnology, existing drug batch number filing and after-sales service management experience, and Biospring's expertise in Laos in mature production capacity and relatively low production costs, and continue to develop.
Eric.Ju said the initial joint venture is expected to be small, but it is an important step in trying a new business model in an industry beset by change. "The new company will strive to create new value by combining the expertise of both parties," Spencer said in a further joint statement.