April 20, 2024

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[THE INVESTOR] IMM Private Equity has sold its entire stake in Handok Pharmaceuticals for about 150 billion won (US$140 million) -- a return almost double its investment five years ago, industry sources confirmed on March 30. 

The Korean private equity firm acquired a 7.93 percent stake worth 76 billion won back in 2014 from then second-largest shareholder French drug giant Sanofi. Since then, IMM has been working to elevate Handok’s market value, such as helping make an indirect investment worth 33 billion won in Korean biotech firm Genexine. Handok reaped more than 10 times its initial investment.

Handok shares are trading at about 37,000 won per share, more than triple of when IMM first acquired its stake. 

IMM now plans to exit from its second US$657 million blind fund IMM Rose Gold II that includes companies like Tbroad, the nation’s No. 2 cable TV operator, Kyobo Life Insurance and Hollys Coffee.

By Lee Ji-yoon (jylee@heraldcorp.com)