Chinese Giant Livzon Acquires 67.87% of Imexpharm (IMP) for $240M

Overview

Livzon Pharmaceutical Group, a top 25 Chinese pharma company, has completed its acquisition of a 67.87% stake in Imexpharm (IMP) through its subsidiary Lian SGP Holding Pte. Ltd. The deal, valued at approximately VND 6,000 billion ($240 million), makes Livzon the parent company of one of Vietnam’s leading pharmaceutical firms. The acquisition was executed via a public tender offer announced in January 2026.

Key Facts

• Lian SGP acquired over 104.5 million IMP shares, representing 67.87% of the company’s charter capital.
• The tender offer price was VND 57,400 per share, totaling about VND 6,000 billion ($240 million).
• The offer was for up to 120 million shares (77.94% of capital), but only 67.87% was tendered.
• Imexpharm operates 12 EU-GMP production lines across three factory clusters, the most among Vietnamese pharma companies.
• Livzon, founded in 1985, has a charter capital of over 935 million CNY and operates in 30+ countries.
• The acquisition plan was first disclosed in May 2025, targeting shares from major shareholders including SK Investment, Binh Minh Kim Investment, and KBA Investment.
• IMP shares closed at VND 56,000 on April 10, 2026, about 19% below the tender price.

What Happened

Lian SGP Holding Pte. Ltd., a subsidiary of China’s Livzon Pharmaceutical Group, announced the successful purchase of over 104.5 million shares of Imexpharm (IMP), equivalent to 67.87% of the company’s equity. The transaction was executed through a public tender offer registered in mid-January 2026, where Lian SGP offered to buy up to 120 million shares (77.94% of charter capital) at VND 57,400 per share. At that price, the total deal value is approximately VND 6,000 billion.

Livzon, established in 1985, is one of China’s top 25 pharmaceutical companies with a charter capital exceeding 935 million CNY. It specializes in R&D and manufacturing of pharmaceuticals, including Western and traditional Chinese medicines, and operates in over 30 countries. The acquisition plan was first revealed in late May 2025, with Livzon targeting shares from three major shareholders: SK Investment, Binh Minh Kim Investment, and KBA Investment.

Market Context

Imexpharm shares (IMP) are listed on HOSE. As of April 10, 2026, IMP closed at VND 56,000, down 0.18% with a volume of 24,200 shares. The stock has been trading near its six-month low, approximately 19% below the tender offer price of VND 57,400. The company’s market capitalization stands at about VND 7,200 billion. The acquisition comes amid a broader trend of foreign investment in Vietnam’s pharmaceutical sector, where domestic firms with EU-GMP certification are scarce.

Strategic Significance

The acquisition gives Livzon control of Imexpharm, a leading Vietnamese pharma company with the highest number of EU-GMP certified production lines among domestic firms. This certification is critical for winning hospital tenders and producing high-quality drugs to replace imports. Livzon’s strong R&D capabilities, including FDA-approved injectable products, are expected to enhance Imexpharm’s product portfolio and technology. Livzon has committed to maintaining Imexpharm’s business strategy while expanding high-tech product lines on existing EU-GMP facilities. The deal positions Livzon to tap into Vietnam’s growing pharmaceutical market and leverage Imexpharm’s distribution network.

What to Watch

• Integration progress: Speed of technology transfer and new product launches from Livzon’s pipeline.
• Financial performance: Imexpharm’s Q2 2026 earnings to gauge initial impact of new ownership.
• Regulatory approvals: Any conditions from Vietnamese authorities regarding foreign ownership or competition.
• Share price convergence: Whether IMP stock moves toward the tender offer price or reflects new fundamentals.
• Competitive response: Actions by other domestic pharma firms in response to increased foreign presence.