Chinese Livzon Acquires 67.87% of Imexpharm (IMP) for VND 6,000B in Landmark Pharma M&A

Overview

Chinese pharmaceutical group Livzon Pharmaceutical Group, through its subsidiary Lian SGP Holding Pte. Ltd., has completed the acquisition of a 67.87% stake in Imexpharm (IMP), one of Vietnam’s leading drug manufacturers, for approximately VND 6,000 billion (USD 240 million). The deal marks one of the largest M&A transactions in Vietnam’s pharmaceutical sector and continues a wave of foreign takeovers of domestic pharma companies.

Key Facts

• Livzon acquired 67.87% of Imexpharm (IMP) for about VND 6,000 billion (USD 240 million).
• Imexpharm operates 12 production lines meeting EU-GMP standards, a rare qualification among Vietnamese pharma firms.
• The deal was executed through Livzon’s subsidiary Lian SGP Holding Pte. Ltd.
• Dược Hậu Giang (DHG), the largest Vietnamese pharma firm by market cap (~VND 12,700 billion), has been controlled by Japan’s Taisho Pharmaceutical since 2019 with over 51% ownership.
• Abbott Laboratories holds 51.7% of Domesco (DMC) since 2016.
• ASKA Pharmaceutical (Japan) holds 25-35% of Dược Hà Tây (DHT) and is increasing its influence.
• German pharma giant STADA acquired 99.5% of Pymepharco (PME) in 2021 and subsequently delisted the company.

What Happened

Livzon Pharmaceutical Group, a major Chinese pharma company, has successfully acquired a controlling 67.87% stake in Imexpharm (IMP) through its Singapore-based entity Lian SGP Holding Pte. Ltd. The transaction value is approximately VND 6,000 billion, making it one of the largest foreign acquisitions in Vietnam’s pharmaceutical industry. The deal was announced via regulatory filings and press reports.

Imexpharm is a leading domestic producer of high-quality antibiotics and owns 12 EU-GMP certified production lines, a significant advantage as most Vietnamese pharma companies only meet WHO-GMP standards. The acquisition gives Livzon control over a key player in Vietnam’s growing pharmaceutical market.

The article also reviews other notable foreign acquisitions in the sector, including Taisho’s control of DHG, Abbott’s majority stake in DMC, ASKA’s strategic investment in DHT, and STADA’s full acquisition of PME.

Market Context

IMP shares closed at VND 47,700 on May 13, 2026, up 1.81% on volume of 71,900 shares, reflecting positive market reaction to the deal. The stock trades on HOSE. The broader pharma sector has seen significant foreign interest, with DHG (HOSE) at VND 96,800, DHT (HNX) at VND 69,000, and DMC (UPCOM) at VND 60. The trend of foreign control has reshaped the competitive landscape, with most top-tier Vietnamese pharma companies now under foreign influence.

Strategic Significance

For Livzon, the acquisition provides immediate access to EU-GMP certified manufacturing capacity and a established distribution network in Vietnam, a market with growing demand for high-quality pharmaceuticals. For Imexpharm, the deal brings capital, technology transfer, and potential export channels through Livzon’s global network. The transaction also signals continued foreign appetite for Vietnamese pharma assets, particularly those with advanced manufacturing standards. The pattern of foreign control among leading firms suggests that domestic independent pharma companies may face increasing competitive pressure.

What to Watch

• Integration progress: How Livzon integrates IMP’s operations and whether it invests in additional EU-GMP lines.
• Regulatory approvals: Any conditions imposed by Vietnamese authorities on foreign ownership in pharma.
• Earnings impact: IMP’s Q2 2026 earnings release to assess initial financial effects of the deal.
• Competitor response: Whether other foreign firms accelerate acquisitions of remaining independent pharma companies.
• DHG and DMC performance: As benchmarks for foreign-controlled pharma firms in Vietnam.