IMM Sells Pharmaceutical Company Genewon Science

IMM Private Equity (IMM PE), a private equity fund (PEF) management company, has completed the sale of Genewon Science, the nation's top contract development and manufacturing organization (CDMO) specializing in synthetic pharmaceuticals. The acquirer is Macquarie Asset Management.

According to the investment banking (IB) industry on the 17th, IMM PE signed a stock purchase agreement the previous day to sell 100% of Genewon Science's shares to Macquarie Asset Management. The enterprise value, including net debt, was valued at 750 billion KRW, with the 100% equity value set at 620 billion KRW.

Genewon Science was established by IMM PE in 2020 after acquiring the pharmaceutical division of Korea Kolmar and Kolmar Pharma, followed by a name change. It is a CDMO company providing contract manufacturing (CMO) and contract development (CDO) services for synthetic pharmaceuticals to most domestic pharmaceutical companies.

Through this sale, IMM PE was able to recover approximately twice the fund investment amount within three and a half years of acquisition. The blind fund 'Rose Gold 4', which was used for the acquisition of Genewon Science, had previously achieved successful results by selling about 30% of Air First's shares to BlackRock for approximately 1 trillion KRW in 2023, and now has added to its success with the investment recovery from Genewon Science.