IMM Private Equity (IMM PE) has officially called off its proposed acquisition of CGBio Co., a South Korean manufacturer specializing in spine and wound-care materials. The deal’s termination, announced by one of the country’s largest private equity firms, stems from significant disagreements over contract clauses, particularly concerning safeguards sought by Daewoong Pharmaceutical’s owner.
Sources indicate that the owner’s demand for specific protections, including initial public offering (IPO) demand rights, proved to be a major sticking point, leading to the breakdown of negotiations. Following this unsuccessful endeavor, IMM PE is reportedly refocusing its efforts on identifying new acquisition targets in the market.
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