Dongwha Pharmaceutical to acquire 45.09% of Hironic for KRW 120.7bn (terminated)
- Deal value
- $83m
- Stake
- 45.09%
- Implied 100%
- $185m
- Revenue
- $23m
- Op. income
- $4m
- Multiples
- EQV/EBIT 50.5xPSR 7.9x
Deal value ÷ stake (structure unconfirmed)
2023 연결 · DART-verified
2023 연결 · DART-verified
On implied equity value
DART 20240321000058
- Target
- Hironic · Aesthetic medical devices
- Buyer
- Dongwha Pharmaceutical · SI
- Seller
- Chairman Lee Jin-woo and spouse Lee Eun-sook
- Structure
- —
- Announced
- Sep 6, 2024
- Closed
- —
- Stage
- Terminated
Target
Hironic is a KOSDAQ-listed developer and manufacturer of aesthetic medical devices based on high-intensity focused ultrasound (HIFU) and radiofrequency (RF), with clinic and home-use product lines. It posted revenue of KRW 33.7 billion and operating profit of KRW 5.3 billion in 2023.
Deal rationale
Dongwha Pharmaceutical stated the purpose as 'securing a new growth engine by entering the aesthetic medical device market,' expanding its device portfolio on the back of the market's growth. The structure was KRW 120.7 billion for 8.38 million existing shares at KRW 14,400 plus a KRW 40 billion RCPS subscription for a 57.7–57.8% stake; on 25 November 2024 Hironic disclosed that Dongwha had terminated the SPA citing disagreements over the seller's representations and warranties.
| Revenue | $23m |
| Operating income | $4m |
| EBITDA | — |
| Net income | — |
2023 연결 · DART-verified · 20240321000058
Press coverage
- 비즈워치 (2024-09-09): “인수가격에는 동화약품이 이 의장 부부에게 지급하는 경영권 프리미엄 540억원이 포함됐다.”
- 스마트투데이 (2024-11-25): “동화약품이 양도인의 진술보장 이견 등을 이유로 양도인에게 계약 해제를 통지했다”
- 데일리팜 (2024-09-09): “동화약품의 하이로닉 투자 목적은 미용 의료기기 시장진출을 통한 신성장동력 확보다”
- 다음 뉴스(원출처 미확인) (2024-09-11): “구주 838만여 주를 1207억원에 … 400억원 규모 유상증자(RCPS)에도 참여”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.