Livzon Pharmaceutical Acquires 67.87% Stake in Imexpharm (IMP) for VND 6,000 Billion

Overview

Chinese pharmaceutical giant Livzon Pharmaceutical Group, through its indirect subsidiary Lian SGP Holding Pte. Ltd., has successfully acquired a 67.87% stake in Imexpharm (IMP), a leading Vietnamese pharmaceutical company listed on HoSE. The acquisition, valued at approximately VND 6,000 billion (USD 240 million), was executed via a public tender offer at VND 57,400 per share, representing a significant premium to recent trading levels.

Key Facts

• Lian SGP Holding Pte. Ltd. purchased 104.5 million IMP shares from 109 investors, raising its ownership to 67.87% of Imexpharm’s charter capital.
• The tender offer price was VND 57,400 per share, implying a total deal value of nearly VND 6,000 billion (approximately USD 240 million).
• Lian SGP Holding is an indirect wholly-owned subsidiary of Livzon Pharmaceutical Group, a top 25 Chinese pharmaceutical company established in 1985 with charter capital exceeding CNY 935 million.
• Livzon operates in over 30 countries, including the US, EU, South Korea, Japan, and Southeast Asia.
• SK Group entities (SK Investment Vina III, Binh Minh Kim Investment, KBA Investment) registered to sell their entire IMP holdings, with SK Investment Vina III reducing its stake from 47.69% to about 3%.
• Imexpharm’s CEO Tran Thi Dao and other senior executives also registered to sell shares, citing family financial planning.
• The tender offer period ended on April 23, 2026.

What Happened

Lian SGP Holding Pte. Ltd., a subsidiary of Livzon Pharmaceutical Group, announced the results of its public tender offer for shares of Imexpharm (IMP). The offer, which targeted over 120 million shares (77.94% of charter capital), resulted in the acquisition of 104.5 million shares from 109 investors at VND 57,400 per share. This transaction elevates Lian SGP’s ownership to 67.87% of Imexpharm.

Livzon Pharmaceutical Group, a major Chinese pharmaceutical firm, has committed to maintaining Imexpharm’s current business strategy while expanding its high-tech product portfolio, particularly on production lines meeting EU-GMP standards. Concurrently, several existing shareholders, including SK Group entities and Imexpharm’s management, have registered to sell their shares, indicating a significant ownership restructuring.

Market Context

Imexpharm (IMP) closed at VND 56,000 on April 10, 2026, slightly below the tender offer price of VND 57,400, reflecting a modest premium. The stock has been relatively stable, with low volatility. The acquisition comes amid growing foreign interest in Vietnam’s pharmaceutical sector, driven by favorable demographics and increasing healthcare spending. IMP is listed on HoSE, the main exchange in Ho Chi Minh City.

Strategic Significance

This acquisition provides Livzon with a substantial foothold in the Vietnamese pharmaceutical market, leveraging Imexpharm’s established distribution network and EU-GMP certified manufacturing capabilities. For Imexpharm, access to Livzon’s extensive R&D resources and global reach could accelerate product development and market expansion. The exit of SK Group, a major shareholder, suggests a strategic shift in ownership, potentially leading to enhanced operational synergies under Livzon’s control.

What to Watch

• Completion of share sales by SK Group entities and management, expected by May 14-15, 2026.
• Imexpharm’s Q2 2026 earnings report to assess initial impact of new ownership.
• Any announcements regarding new product launches or technology transfers from Livzon.
• Regulatory approvals or changes in foreign ownership limits in Vietnam’s pharmaceutical sector.
• Potential delisting or corporate restructuring plans following the change in control.