IMM Private Equity to acquire 51% of CG Bio for KRW 561bn (terminated)

FI Bio & Healthcare Regenerative medicine & bone graft substitutes

Deal value: $387m
Stake: 51%
Implied 100%: $759m
Revenue: $169m
Op. income: —
Multiples: PSR 4.5x

DART 20260430001223

Target: CG Bio · Regenerative medicine & bone graft substitutes
Buyer: IMM Private Equity · FI
Seller: Yoon Jae-seung (Daewoong) side
Structure: —
Announced: Jun 18, 2026
Closed: —
Stage: Terminated

Target

Daewoong Group-affiliated regenerative-medicine company founded in 2006 that makes tissue substitutes including bone grafts (rhBMP-2 product Novosis), skin substitutes (Easyderm), anti-adhesion products (Mediclore) and hyaluronic-acid fillers; exports to Asia via J&J MedTech and signed in 2026 an exclusive North America/Australia supply deal with J&J DePuy Synthes through 2040, reported at about KRW 2.5tn.

Deal rationale

According to Hankyung, IMM PE negotiated to buy 51% for KRW 561bn from Daewoong CVO Yoon Jae-seung's side and holding company A-Hana, with a further 28.1% for another KRW 561bn if annual EBITDA reached KRW 100bn, with funding for CG Bio's R&D and global competitiveness cited as background since it could not rely on Daewoong funding as an affiliate. Dailypharm reported talks collapsed at the final stage over detailed terms, chiefly a non-compete barring Daewoong from re-entering regenerative medicine/bone substitutes, after which TA Associates began due diligence at a KRW 1tn+ valuation; Daewoong plans to use proceeds for R&D, late-stage trials and new modalities.

기타

Revenue	$169m
Operating income	—
EBITDA	—
Net income	—

2025 연결 · DART-verified · 20260430001223

Press coverage

한국경제 (2026-06-18): “IMM PE는 시지바이오 대주주인 대웅제약 오너 윤재승 최고비전책임자(CVO)측과 시지바이오 지분 51%를 5610억원에 인수하는 주식매매계약(SPA)를 다음주 채결할 예정이다.”
데일리팜 (2026-07-08): “시지바이오 지분 51%를 5610억원에 인수하고”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.