Daewoong Group is reportedly in talks to sell its regenerative medicine business, CGBio, to a South Korean private equity firm. Sources within the industry suggest the deal could value CGBio at approximately 1 trillion won ($680 million).
According to sources, IMM Private Equity has been selected as the preferred bidder for CGBio. The negotiations involve a potential acquisition of a 51% stake currently held by A-Hana, the largest shareholder of CGBio. A-Hana is controlled by Bluenet, a company owned by the founding family of Daewoong Group, which holds a 55.84% stake.
The anticipated transaction value is around 600 billion won, which implies a company valuation exceeding 1 trillion won.
A representative from Daewoong Group stated, “The final stake size and the ultimate deal price are still subject to further discussions. The process is currently in the preferred bidder stage, and due diligence is still underway.”
CGBio has experienced significant international expansion in recent years, fueled by a diverse product line including bone graft substitutes, advanced wound care solutions, and aesthetic treatments.
Leveraging strategic partnerships across Europe, the Middle East, Southeast Asia, and South America, CGBio’s exports have achieved an impressive 31% annual growth rate. Export figures reached $21.8 million in 2025, a considerable increase from $17.4 million in 2024 and $12.6 million in 2023.
Industry analysts predict that the private equity firm will prioritize the global commercialization of CGBio’s bone graft substitutes.
Previously, in 2020, IMM Private Equity invested approximately 320 billion won to acquire Kolmar Korea’s pharmaceutical manufacturing division, Kolmar Pharma. These entities were subsequently merged to form Genuone Sciences, a contract drug manufacturer. IMM Private Equity divested from Genuone Sciences in 2024 for approximately 620 billion won.
