M&A / Acquisition · Southeast Asia · Announced 11 May 2026
Livzon → Imexpharm
China's Livzon has completed its takeover of Imexpharm, buying a 67.88% controlling stake in Vietnam's EU-GMP antibiotics leader.
Parties: Livzon Pharmaceutical Group (China) → Imexpharm Corporation (Vietnam)
- Deal type
- M&A / Acquisition
- Value
- $221m
- Territory
- Vietnam
- Therapeutic area
- Multi-therapy
- Asset
- 67.88% controlling stake in Imexpharm via public tender offer (completed)
- Announced
- 11 May 2026
Our analysis
Why this matters
Livzon Pharmaceutical Group has completed its acquisition of a controlling 67.88% stake in Imexpharm Corporation, a listed Vietnamese drugmaker, through a public tender offer approved by Vietnam's State Securities Commission. Ownership transfers were confirmed by Vietnam's securities depository on 11 May 2026. The deal grew out of a 2025 framework agreement in which Livzon agreed to buy about 64.81% for more than VND 5.73 trillion (about US$221 million), including the 47.69% held by SK Group's SK Investment Vina III.
Imexpharm is one of Vietnam's leading generics makers, with about 10% of the domestic antibiotics market and EU-GMP-compliant plants. For Livzon, it is a ready-made Southeast Asian manufacturing and commercial base; for Vietnam, it marks a shift in foreign ownership of its pharma champions from Japanese and Korean investors toward Chinese ones.
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