IMM Private Equity is reportedly close to acquiring a controlling stake in CGBio Co., the Korean regenerative medicine company affiliated with Daewoong Pharmaceutical, in a transaction that could value the deal at up to $730 million.
According to Korean media reports, IMM PE may acquire as much as 80% of CGBio, following earlier reports that the firm had been selected as preferred bidder for a majority stake in the company. Previous local reports placed the potential transaction around 600 billion won, based on a valuation of approximately 1 trillion won for CGBio.
CGBio is not a traditional spine implant company. Its strategic value lies mainly in bone regeneration, biologics and implant-related regenerative technologies. The company develops biomaterials used in areas such as spine, orthopedics, dental and tissue regeneration. Its best-known product platform is NOVOSIS, a bone graft substitute incorporating rhBMP-2 with ceramic carriers, designed to support bone formation in procedures including spinal fusion.
The company has been gaining international visibility over the past two years. NOVOSIS PUTTY received FDA Breakthrough Device Designation in 2024 and later obtained FDA IDE approval for a pivotal clinical trial in spinal fusion in the United States. More recently, DePuy Synthes, part of Johnson & Johnson MedTech, entered into an exclusive agreement with CGBio for NOVOSIS in the U.S., Canada and Australia, expanding a relationship that had already covered several Asian markets.
That context makes the potential IMM PE acquisition particularly relevant. For private equity, CGBio offers a combination of established Korean sales, a growing regenerative portfolio, global regulatory momentum and a possible pathway into large international spine and orthopedic markets. Local reports indicate that CGBio’s revenue increased from 129.7 billion won in 2022 to 200.8 billion won in 2024, underlining the company’s recent growth trajectory.
The deal has not yet been publicly confirmed as closed. However, if completed, IMM PE’s acquisition would mark another important step in the consolidation and internationalization of Korea’s medtech sector. It would also give CGBio a new financial sponsor at a time when its NOVOSIS platform is moving from domestic strength toward broader global commercialization.
About CGBIO
CGBIO Co., Ltd.. is a total healthcare provider with a goal of enhancing the quality of life by offering range of innovative solutions for the spectrum of spinal disorders and wound management. Through extensive research activity, CGBIO is a leading manufacturer and distributor of comprehensive portfolio of allograft and synthetic bone grafts, spinal implants, GMP grade growth factors and total wound care solution. CG Bio has state of the art facility with class 100 clean rooms, purified water system fit for human injection and qualified technicians.Website: http://www.cgbio.co.kr
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