Key Takeaways
- • IMM Private Equity selected as preferred bidder to acquire a controlling stake in CGBio, a regenerative medicine affiliate of South Korea's Daewoong Group, in a deal valued at approximately 600 billion won ($406 million) for a 51% stake.
- • CGBio's enterprise value estimated at around 1 trillion won in the market; transaction expected to close in H1 2026 following due diligence and contract finalization.
- • CGBio demonstrated strong operational momentum with revenue growth from 129.7 billion won (2022) to 200.8 billion won (2024), and EBITDA expansion from 23.3 billion won to over 40 billion won in the same period.
- • CGBio's flagship product NOVOSIS PUTTY, a recombinant human bone morphogenetic protein-2 (rhBMP-2) based bone substitute, is positioned for global expansion into U.S. and Japanese markets.
- • Transaction framed by CGBio as a partnership for securing investment capital rather than a full divestiture, with deal expected to bolster IMM PE's healthcare portfolio following its 2024 exit from Genuonesciences.
Summary
IMM Private Equity has emerged as the preferred bidder to acquire a controlling stake in CGBio, a regenerative medicine company owned by South Korea's Daewoong Group. According to Seoul Economic Daily reporting on March 6, 2026, the transaction involves the acquisition of a 51% stake held by A-Hana, CGBio's largest shareholder, at a transaction value of approximately 600 billion won ($406 million). The overall enterprise value for CGBio has been discussed in the market at around 1 trillion won.
The transaction is characterized as a strategic partnership focused on securing capital for global expansion rather than a complete sale. CGBio confirmed in correspondence to Korea Biomedical Review that negotiations are underway but no final decision has been made. The deal is expected to close in the first half of 2026 following standard due diligence procedures and final contract negotiations.
CGBio's financial trajectory demonstrates attractive growth characteristics for potential acquirers. The company generated consolidated revenue of 129.7 billion won with EBITDA of 23.3 billion won in 2022. By 2024, revenue had grown to 200.8 billion won with EBITDA exceeding 40 billion won, representing approximately 55% revenue growth and 72% EBITDA expansion over the two-year period. CGBio develops regenerative medicine products targeting bone, skin, tendons, and blood vessels. Its lead asset, NOVOSIS PUTTY, is a bone substitute formulation based on recombinant human bone morphogenetic protein-2 (rhBMP-2) currently in development for market expansion into the United States and Japan.
The transaction would expand IMM Private Equity's healthcare sector exposure. In 2024, IMM PE completed the sale of Genuonesciences, a synthetic drug contract development and manufacturing operation that had been built from assets previously acquired from Kolmar Korea. The CGBio acquisition aligns with IMM PE's strategic focus on building healthcare portfolio companies with established revenue bases and international expansion potential.
The transaction is characterized as a strategic partnership focused on securing capital for global expansion rather than a complete sale. CGBio confirmed in correspondence to Korea Biomedical Review that negotiations are underway but no final decision has been made. The deal is expected to close in the first half of 2026 following standard due diligence procedures and final contract negotiations.
CGBio's financial trajectory demonstrates attractive growth characteristics for potential acquirers. The company generated consolidated revenue of 129.7 billion won with EBITDA of 23.3 billion won in 2022. By 2024, revenue had grown to 200.8 billion won with EBITDA exceeding 40 billion won, representing approximately 55% revenue growth and 72% EBITDA expansion over the two-year period. CGBio develops regenerative medicine products targeting bone, skin, tendons, and blood vessels. Its lead asset, NOVOSIS PUTTY, is a bone substitute formulation based on recombinant human bone morphogenetic protein-2 (rhBMP-2) currently in development for market expansion into the United States and Japan.
The transaction would expand IMM Private Equity's healthcare sector exposure. In 2024, IMM PE completed the sale of Genuonesciences, a synthetic drug contract development and manufacturing operation that had been built from assets previously acquired from Kolmar Korea. The CGBio acquisition aligns with IMM PE's strategic focus on building healthcare portfolio companies with established revenue bases and international expansion potential.
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