This article was published on the ChosunBiz MoneyMove (MM) site at 5:33 p.m. on Jan. 12, 2026.
In vitro diagnostics specialist Access Bio is pursuing mergers and acquisitions (M&A) with the aim of expanding into the cosmetic medical institutional sector. It recently entered the sale process of RFTtech's hyaluronic acid filler manufacturing subsidiary and is understood to have emerged as a leading acquisition candidate.
On the 12th, investment banking (IB) sources said Access Bio was recently named the preferred negotiating party to buy RFTbio from RFTtech. RFTtech earlier selected Samjong KPMG as the lead adviser for the sale at the end of last year and began formally seeking buyers for its bio and healthcare subsidiary RFTbio.
The asset for sale is RFTtech's 96.2% equity stake in RFTbio, and the sale price is estimated at around 100 billion won. Initially, Samjong KPMG had identified strategic investors (SI) in the same industry as potential buyers, but RFTtech directly selected Access Bio as the counterparty for sale negotiations.
RFTbio was set up in 2020 when RFTtech spun off its bio and healthcare division through partitioning to pursue expansion into medical aesthetic businesses such as fillers and Botox. Its main product is a hyaluronic acid filler for wrinkle-improvement procedures; it posted sales of 20.2 billion won and operating profit of 1.7 billion won in 2024.
Access Bio is said to be acquiring RFTbio with the goal of breaking away from a business structure centered on in vitro diagnostics, known as diagnostic kits. The company grew rapidly during the COVID-19 pandemic because of diagnostic kits, but its performance sharply deteriorated afterward as demand for testing fell.
In fact, Access Bio's standalone sales in the second quarter last year were only 18.7 million won, putting it at one point subject to a delisting eligibility review. Afterward, it was removed from review because it posted sales of more than 30 million won in the third quarter, meeting listing requirements, but the company is exploring M&A to diversify revenue.
Expectations for the expansion of the cosmetic medical market also fueled Access Bio's interest in RFTbio. According to market research firm H&I Global Research, the domestic cosmetic medical market is expected to exceed 1 trillion won by 2033. RFTbio is also developing botulinum toxin, known as Botox, in addition to its filler products.
Access Bio is said to have already had strong interest in the cosmetic medical market. It previously invested 15 billion won in AAC Holdings, which operates skin aesthetic clinic M-RED Clinic, and formed a joint venture, AACG. If it acquires RFTbio, it could achieve vertical integration by directly supplying filler products.
It is reported to have sufficient funds for the acquisition. During the COVID-19 pandemic, it secured cash and cash equivalents worth several hundred billion won through its diagnostic kit business. According to the Financial Supervisory Service electronic disclosure system, Access Bio's cash and cash equivalents stood at about 300 billion won at the end of the third quarter.
Meanwhile, Access Bio said, "It is true that we have pursued revenue diversification through M&A as sales in our main diagnostic kit business continued to lag after the COVID-19 endemic," but added, "however, we cannot disclose anything at this time regarding the pursuit of acquiring RFTbio."