LYFE Capital Buys 70.2% of Koru Pharma for About $67.6m
The aesthetics company chose a control sale over an IPO; the founder keeps about 22% and co-manages the company.
- Deal value
- $68m
- Stake
- 70.2%
- Implied 100%
- $97m
- Revenue
- $24m
- Op. income
- $5m
- Multiples
- EQV/EBIT 18.9xPSR 4.0x
구주
Secondary price of about KRW 98bn ÷ 70.2% stake (about KRW 140bn, as in the article)
2025 연결 · DART-verified
2025 연결 · DART-verified
On implied equity value
DART 20260413000710
- Target
- Koru Pharma · Medical aesthetics (dermal fillers)
- Buyer
- LYFE Capital · FI
- Seller
- Existing investors (KB Investment, Kolon Investment, DSC Investment, LF Investment) and the founder
- Structure
- Secondary
- Announced
- Feb 12, 2026
- Closed
- —
- Stage
- Closed
Target
Medical-aesthetics company founded in 2016 that manufactures fillers, toxins and skin boosters in-house and supplies more than 120 countries; its Chuncheon plant has 3 million syringes of annual capacity and MDSAP certification, with 40+ global sales staff including a Malaysian subsidiary.
Deal rationale
According to The Bell, Koru chose a control sale over an IPO because it judged it needed a strategic partner to upgrade overseas sales channels and raise enterprise value, preferring global capital over domestic pharma partners. LYFE Capital, in its first solo control deal in Korea, said it would use its global healthcare network to expand overseas share and consider bolt-on acquisitions, telling Mergermarket it would only do the deal as a buyout. The founder's stake fell from 55.5% to 22% while he stays on the board; KB, Kolon, DSC and LF Investment sold, and IMM Investment kept 4.9%.
| Revenue | $24m |
| Operating income | $5m |
| EBITDA | — |
| Net income | — |
2025 연결 · DART-verified · 20260413000710
Lead
Healthcare investor LYFE Capital bought 70.2% of filler and aesthetics company Koru Pharma in existing shares for about $67.6m. The share purchase agreement was signed on 12 February 2026, and the deal was reported closed in April. Koru Pharma chose a control sale instead of an IPO.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
ION Analytics’ Mergermarket described the deal as LYFE Capital’s first solo control investment in Korea. The founder keeps about 22%, remains on the board and co-manages the company.
Deal terms
| Item | Figure |
|---|---|
| Deal value | about $67.6m (existing shares) |
| Stake acquired | 70.2% |
| Implied 100% equity value | about $96.6m |
| 2025 results (consolidated) | revenue $23.9m, operating income $5.1m |
| Simple multiples (equity value) | about 4.1x revenue, about 19x operating income |
Financials from the DART 2025 consolidated audit report.