SK Group Exits Imexpharm (IMP) with 2x Return; Livzon Acquires 67.87% Stake

Overview

SK Group’s subsidiary SK South East Asia Investment has exited its majority stake in Imexpharm (IMP), selling 61.8% of the company for an estimated $200 million, doubling its original investment. Concurrently, Chinese pharmaceutical group Livzon Pharmaceutical acquired 67.87% of Imexpharm for about VND 6,000 billion, taking control of one of Vietnam’s leading drug manufacturers. The deal highlights the strategic value of IMP’s EU-GMP-certified production lines.

Key Facts

• SK South East Asia Investment sold 61.8% of its 64.8% stake in Imexpharm in April 2026 via a public offering.
• The deal is valued at approximately 300 billion won ($200 million), yielding a 100% return on SK’s initial 150 billion won investment in 2020.
• Livzon Pharmaceutical Group acquired 67.87% of Imexpharm for about VND 6,000 billion.
• Imexpharm is Vietnam’s fifth-largest pharmaceutical company and owns 12 EU-GMP-certified production lines.
• Between 2021 and 2025, Imexpharm recorded revenue CAGR of 18% and EBITDA growth of 16%.
• SK initially invested in Imexpharm in 2020, purchasing a 24.9% stake.

What Happened

According to a quarterly report published by SK Group on May 17, 2026, its subsidiary SK South East Asia Investment sold 61.8% of its holdings in Imexpharm during April 2026 through a public offering. Market estimates place the transaction value at around 300 billion won ($200 million), implying a doubling of SK’s original investment of approximately 150 billion won made in 2020.

Separately, Livzon Pharmaceutical Group, a Chinese pharmaceutical conglomerate, successfully acquired 67.87% of Imexpharm for roughly VND 6,000 billion. This acquisition gives Livzon controlling interest in one of Vietnam’s top drug manufacturers, which operates 12 production lines meeting EU-GMP standards—a rare asset in a market where most local firms only meet WHO-GMP standards.

Market Context

Imexpharm (IMP) trades on HOSE. As of May 17, 2026, the stock closed at VND 47,050, down 1.47% on volume of 13,100 shares. The stock has likely been influenced by the M&A activity, though the price action suggests the market had already priced in the deal. The broader Vietnamese pharmaceutical sector has seen increased foreign interest due to rising healthcare demand and regulatory improvements.

Strategic Significance

The dual transactions signal a shift in ownership structure for Imexpharm, moving from a Korean financial investor to a Chinese strategic player. Livzon’s acquisition provides IMP with access to a larger distribution network and potential technology transfer, while SK’s successful exit demonstrates the viability of private equity investments in Vietnamese pharma. The deal also highlights the premium placed on EU-GMP-certified manufacturing capacity, which is a key differentiator in a market moving toward higher quality standards.

What to Watch

• Integration progress: How Livzon integrates IMP’s operations and whether it transfers technology or introduces new products.
• Regulatory approvals: Any remaining regulatory hurdles for the Livzon acquisition, particularly from Vietnamese authorities.
• IMP’s financial performance: Upcoming quarterly results to assess revenue and margin trends post-acquisition.
• Competitive response: How other Vietnamese pharma companies with EU-GMP lines (e.g., DHG, DCL) react to the new competitive dynamics.
• Foreign ownership limits: Whether Livzon’s controlling stake triggers any changes in IMP’s foreign ownership cap.