Private equity fund (PEF) manager IMM Private Equity (PE) will acquire CGBio, a bio regenerative medicine company affiliated with the Daewoong Group.
On the 5th, according to the investment banking (IB) industry, IMM PE was recently selected as the preferred bidder to acquire CGBio and has begun due diligence. The asset for sale is a 55.84% management control equity stake in CGBio held by Bluenet, the largest shareholder. Bluenet is effectively a family-owned company, with former Daewoong Group Chairman Yoon Jae-seung holding a majority stake. The transaction amount is said to be around 600 billion won.
CGBio's bone morphogenetic protein-based bone graft products hold a high market share in Korea. Its flagship product "Novosis Putty" is seeking entry into the United States and Japan based on FDA pivotal trial approval.
CGBio's revenue increased from 129.7 billion won in 2022 to 200.8 billion won in 2024. Last year's earnings before interest, taxes, depreciation and amortization (EBITDA) is said to have exceeded 40 billion won.
IMM PE acquired Kolmar Korea's pharmaceutical division in 2020, launched Genewon Science, and in 2024 sold it for about 620 billion won, recouping twice its invested capital.