Chinese Pharma Livzon Acquires 67.87% Stake in Imexpharm (IMP) for VND 6,000B

Overview

Chinese pharmaceutical conglomerate Livzon Pharmaceutical Group, through its indirect subsidiary Lian SGP Holding Pte. Ltd., has successfully acquired a 67.87% stake in Imexpharm (IMP) via a public tender offer, spending nearly VND 6,000 billion (USD 240 million). The acquisition makes Livzon the majority shareholder of the Vietnamese drugmaker, while SK Group entities and certain Imexpharm leaders have registered to sell their shares. The deal underscores growing Chinese investment in Vietnam’s pharmaceutical sector.

Key Facts

• Lian SGP Holding purchased 104.5 million IMP shares from 109 investors at VND 57,400 per share, totaling nearly VND 6,000 billion (USD 240 million).
• The acquired stake represents 67.87% of Imexpharm’s charter capital, making Lian SGP the controlling shareholder.
• Lian SGP is an indirect wholly-owned subsidiary of Livzon Pharmaceutical Group, a top-25 Chinese pharma company founded in 1985 with charter capital over CNY 935 million.
• SK Investment Vina III Pte. Ltd. registered to sell 68.8 million IMP shares, reducing its stake from 47.69% to about 3%.
• Two other SK Group entities, Binh Minh Kim Investment JSC and KBA Investment JSC, registered to sell their entire holdings of 15 million (9.75%) and 11.3 million (7.37%) IMP shares, respectively.
• Imexpharm CEO Tran Thi Dao registered to sell 371,400 IMP shares, reducing her stake to 0.2%.
• The tender offer period ended on April 23, 2026, with share sales by SK entities and leaders expected between April 15 and May 14, 2026.

What Happened

Lian SGP Holding Pte. Ltd., a subsidiary of Chinese pharmaceutical giant Livzon, announced the results of its public tender offer for shares of Imexpharm (IMP). The company had initially registered to buy over 120 million IMP shares (77.94% of charter capital) at VND 57,400 per share. By the close of the offer on April 23, 2026, Lian SGP had acquired 104.5 million shares from 109 investors, achieving a 67.87% stake. The total consideration is estimated at nearly VND 6,000 billion.

Livzon Pharmaceutical Group, established in 1985, is one of China’s top 25 pharmaceutical companies, operating in over 30 countries including the US, EU, South Korea, Japan, and Southeast Asia. Livzon has committed to maintaining Imexpharm’s business strategy while expanding its high-tech product portfolio on EU-GMP certified production lines.

Concurrently, three entities within the SK Group ecosystem have registered to sell their IMP shares. SK Investment Vina III plans to sell 68.8 million shares, dropping its stake from 47.69% to about 3%. Binh Minh Kim Investment and KBA Investment intend to sell their entire holdings. Additionally, Imexpharm CEO Tran Thi Dao and Deputy CEO Ngo Minh Tuan have registered to sell portions of their shares, citing family financial balancing.

Market Context

IMP shares closed at VND 56 on April 10, 2026, down 0.18% with thin volume of 24,200 shares. The stock has been under pressure amid the tender offer uncertainty and impending share sales by major holders. The acquisition by Livzon marks a significant shift in ownership from SK Group, which had been a key strategic investor. The Vietnamese pharmaceutical sector has seen increased foreign interest, particularly from Chinese firms seeking to expand in Southeast Asia.

Strategic Significance

The acquisition gives Livzon a controlling stake in a leading Vietnamese pharmaceutical company with EU-GMP certified facilities and a strong domestic distribution network. For Imexpharm, access to Livzon’s R&D capabilities and product pipeline could accelerate its move into high-tech and specialty drugs. The exit of SK Group, which held a near-majority stake, suggests a strategic pivot by the Korean conglomerate. The deal also highlights the trend of Chinese pharmaceutical firms using Vietnam as a manufacturing and distribution hub for ASEAN markets.

What to Watch

• Completion of share sales by SK Group entities and IMP leaders by May 14, 2026, and the resulting impact on IMP’s free float and liquidity.
• Livzon’s integration plans and any changes to Imexpharm’s board or management structure.
• Imexpharm’s upcoming quarterly earnings reports to assess operational impact under new ownership.
• Regulatory approvals from Vietnamese authorities, if any, for the change in control.
• Potential follow-on investments by Livzon in new production lines or product registrations.