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South Korea’s IMM PE is set to acquire Kolmar Korea’s pharmaceutical business, which provides contract manufacturing services to the biopharma industry, from Kolmar Korea Holdings, in the firm’s first buyout deal in the industry.

Kolmar Korea Holdings has agreed to sell Kolmar Korea’s pharmaceutical unit and its entire stake in Kolmarpharma to IMM PE for 750 billion won, sources close to the matter said on February 20. The PE firm is expected to go through due diligence, before signing a share purchase agreement as early as April.

Starting with its 30 billion won investment in Celltrion Pharm in 2010, IMM PE has continued to bet on the healthcare industry, making four investments worth about 210 billion won in cumulative value during the last ten years. Most of the investments were in the form of minority stakes and mezzanine debt.

In 2012, IMM PE purchased an about 36 percent stake in Handok Pharmaceuticals from Sanofi for 74 billion won when the French drugmaker liquidated its position in the South Korean mid-sized pharmaceutical company. Six years later, IMM PE completely offloaded its holdings in the company, recording an internal rate of return of 27 percent.

The Seoul-based firm also bought 33 percent of Alvogen Korea, best known for its oral contraceptive tablet, for 60 billion won in 2012. It completed an exit from the company two years later, selling its stake for 70 billion won.

In its most recent bet on the healthcare space, IMM PE invested in South Korean biotech company iNtRON Biotechnology in 2016, purchasing 420,000 shares of the company's convertible preferred stock for 27 billion won, through its flagship fund IMM RoseGold III.

IMM PE is said to be have targeted Kolmar Korea’s pharmaceutical business assets because of the business model, in which Kolmar Korea offers contract manufacturing services to local pharmaceutical companies, including Hanmi Pharm, CJ Healthcare and Dongwha Pharm.

Such a business model is considered relatively less risky, as it does not involves activities like R&D and clinical trials. This is one of the reasons IMM PE has taken a more aggressive approach this time, seeking to acquire a controlling stake in the business.

The firm is currently working on raising capital for its fourth fund, IMM RoseGold IV, with the target fund size of more than two trillion won. The acquisition costs are expected to be financed partly through the fund, with the remaining amount likely to be funded through its co-investment fund and financing facilities provided by prospective financiers.

(By reporter Rho Ar-rum)