A subsidiary of China’s Livzon Pharmaceutical Group has launched a major tender offer for Imexpharm, signalling a potential change in control at the Vietnamese drugmaker.
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On January 15, Lian SGP Holding registered a tender offer to acquire 120,059,970 shares of Imexpharm Corporation (HSX: IMP), equivalent to nearly 78 per cent of the company’s charter capital and a similar proportion of its voting shares.
The tender offer price is VND57,400 ($2.18) per share, corresponding to a total transaction value of approximately VND6.89 trillion ($262.23 million). Securities company SSI Securities Corporation acts as tender offer agent.
In the trading session on January 16, IMP shares closed at VND54,200 ($2.06) per share, equivalent to a market capitalisation of over VND8.3 trillion. Thus, the foreign partner’s tender offer price is approximately 7 per cent higher than the current market price of IMP.
At the end of May 2025, Livzon unveiled its plan to acquire shares in Imexpharm from three major shareholders: SK Investment (around 47.7 per cent), Sunrise Kim Investment JSC (9.75 per cent), and KBA Investment JSC (close to 7.4 per cent).
Imexpharm, formerly known as Level II Pharmaceutical Company, was established in Dong Thap in 1977 and has since developed into one of Vietnam’s major pharmaceutical manufacturers, operating in line with European standards.
The company currently runs four factory clusters in Dong Thap, Ho Chi Minh City, and Binh Duong, with a total of 11 production lines.
In the first 11 months of 2025, Imexpharm recorded net revenue of VND2.24 trillion ($85.3 million), up 14 per cent year on year, while pre-tax profit rose 15 per cent to VND410 billion ($15.6 million). These results represent 75 per cent of the company’s full-year revenue target and 83 per cent of its profit plan.
Livzon Pharmaceutical Group was established in January 1985 with registered capital of 935 million yuan ($134 million). The group operates across pharmaceutical research and development, manufacturing, and sales, and employs more than 8,000 people.
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