Chinese Aesthetic Giant Imeik Announces $190M Cross-Border Acquisition of Korea’s REGEN Biotech

On the evening of March 10, 2025, Imeik Technology Development Co., Ltd. (hereinafter referred to as “Imeik”) issued an announcement stating that its wholly-owned subsidiary, Imeik (HK) Limited (hereinafter referred to as “Imeik HK”), and Aisheng Shourui (HK) Limited (hereinafter referred to as “Shourui HK”) had jointly established Imeik International Limited (hereinafter referred to as “Imeik International”). The company intends to acquire an 85% equity stake in REGEN Biotech, Inc. (hereinafter referred to as “REGEN”), which is registered in Daejeon, South Korea, through Imeik International. The target company is primarily engaged in the research and development, production, and sales of medical materials, medical devices, pharmaceuticals, and related products. Imeik will hold a 70% equity interest, while Shourui HK will hold a 30% equity interest.

Aimeike International intends to pay the consideration in cash to acquire an 85% equity interest in the target company held by Mount Beacon Holdings Ltd. (“Mount Beacon”), IRC Limited (“IRC”), and Mr. Kwang Sik Choi (“Mr. Choi”) for $190 million (approximately RMB 1.4 billion). Of this amount, Aimeike will contribute $133 million, and Shourui Hong Kong will contribute $57 million.

Upon completion of the acquisition, IMEIK International will become the controlling shareholder of REGEN Biotech, with IMEIK ultimately holding a 59.5% stake through IMEIK Hong Kong and IMEIK International.

REGEN, a leading South Korean company in medical aesthetics products, was founded in Daejeon, South Korea, in April 2000.

REGEN is a leading South Korean company in the medical aesthetics industry, established in April 2000 and headquartered in Daejeon, South Korea. The company specializes in the research and development, manufacturing, and sales of medical materials and medical devices. Its flagship products include AestheFill (Chinese name: Ai Su Fei) and PowerFill. REGEN is the first company in South Korea and the third globally to obtain regulatory approval for poly-L-lactic acid (PLLA)-based dermal fillers.

REGEN holds South Korean technology patents for biodegradable polymer microparticles and their preparation methods; its proprietary patent for porous microsphere structures can induce and promote skin collagen regeneration.

REGEN operates two manufacturing facilities in South Korea. The plant located in Daejeon commenced operations in 2001 and is currently functioning normally. To meet the rapidly growing market demand for the company’s benchmark products, REGEN constructed a second facility in Wonju, South Korea, in 2024. This new plant has obtained Korean GMP certification and is scheduled to begin production in the second quarter of 2025.

AestheFill is one of REGEN’s core products, primarily used for facial aesthetic and anti-aging treatments. Its main components are PDLLA (poly-D,L-lactic acid) microspheres and sodium carboxymethyl cellulose. AestheFill utilizes patented porous microsphere technology to induce collagen regeneration in the skin, classifying it as a natural regenerative filler. Compared with other regenerative materials, its microspheres are evenly distributed, and its unique reconstitution technology ensures more uniform collagen regeneration while providing certain structural support and volumizing effects. AestheFill is mainly used to improve facial wrinkles and folds, such as nasolabial folds, and thus falls under the category of “baby face injections.”

Regenerative microspheres feature a porous, hollow structure with a sponge-like interior. The surface porosity and internal sponge-like architecture provide an optimal environment for the gradual growth of collagen fibers, allowing them to extend through the pores into the core of the microspheres. Compared to solid microspheres of the same volume, hollow microspheres stimulate greater collagen production. In other words, AestheFill’s unique regenerative microsphere structure offers higher efficiency in stimulating collagen neogenesis, whereas most other regenerative products utilize solid microsphere technology.

Furthermore, AestheFill is a regenerative injectable product with customizable concentration. Physicians can adjust the concentration according to each patient’s specific needs and conditions, providing tailored treatment solutions. For instance, high-concentration injections can be used to fill localized facial depressions for contouring effects, while low-concentration injections can help comprehensively improve dull skin tone.

In terms of safety, leveraging its patented instant-dissolving properties, Aesthefill enables rapid and uniform reconstitution, significantly reducing post-procedural complications such as infection and nodule formation. Furthermore, its use of nanoscale spherical microparticles prevents needle clogging and other adverse effects.

AestheFill was first approved for marketing in South Korea in 2014 and has since obtained regulatory approval in 34 countries and regions.

Notably, AestheFill has demonstrated strong performance in the Chinese market. It received approval from China’s National Medical Products Administration (NMPA) in January 2024 and was officially launched in April of the same year. In 2024, the product achieved sales revenue of approximately RMB 350 million in China, with sales volume reaching around 85,000 units. In the Taiwan region of China, it ranks first in the “aesthetic regenerative injectables” market with a share of nearly 30%.

PowerFill is another core product from REGEN, primarily used for filling and contouring body areas. Its main components are identical to those of AestheFill, namely PDLLA microspheres and sodium carboxymethyl cellulose. PowerFill also utilizes patented porous microsphere technology, which promotes collagen regeneration while offering excellent biocompatibility and biodegradability.

PowerFill has obtained registration approvals in 24 countries and regions, demonstrating strong performance in the international market. Since its launch, its safety and efficacy have been widely recognized by the market, with numerous international academic articles published.

Imeik is a leading domestic enterprise in the field of biomedical soft tissue repair materials, focusing on the research and production of biopharmaceutical end-products such as hyaluronic acid, regenerative materials, and botulinum toxin. Based on the pre-operative, intra-operative, and post-operative needs of medical aesthetics, it provides products and solutions; its series of sodium hyaluronate fillers and facial thread lift products are leading in China.

As a leading provider of innovative products in the medical aesthetics sector, Imeik’s listed and pipeline product portfolio covers multiple high-growth segments in the medical aesthetics and health management markets. The company is also among the earliest in China to independently develop biomedical materials for medical aesthetic applications. In the research and development of injectable medical aesthetic products, Imeik is recognized as the enterprise with the largest number of Class III medical devices for non-surgical medical aesthetics approved by the National Medical Products Administration (NMPA) in China. It is also the manufacturer with the highest market share in the domestic sodium hyaluronate dermal filler market over the past 20 years.

In 2004, China’s medical aesthetics industry was still in its infancy, characterized by a scarcity of technology and significant market gaps. The concept of sodium hyaluronate (hyaluronic acid) as an injectable dermal filler had not yet gained widespread acceptance. That same year, entrepreneur Jian Jun founded Imeik Technology Development Co., Ltd. (previously known as “Beijing Yingzhihuang,” which was renamed “Imeik Limited” in 2005). Her initial mission was straightforward: to fill the domestic void in biomedical soft tissue repair materials and equip China’s medical aesthetics industry with its own core technologies and products.

All technological innovations aimed at filling domestic gaps inevitably face significant uncertainties, including substantial R&D investment and long development cycles; medical aesthetic raw materials are no exception. However, Imeik ventured into the upstream segment of the minimally invasive medical aesthetics supply chain to develop raw material products. It took a full five years before Imeik’s first product, “Yimei,” was launched. Approved for market entry by the National Medical Products Administration in 2009, this product broke the reliance on imports for hyaluronic acid used in medical aesthetics.

2009 was a milestone year for Imeik. In that year, the company successfully launched “Yimei,” the first sodium hyaluronate injectable dermal filler in China to obtain a Class III medical device registration certificate, thereby breaking the monopoly of foreign brands in the domestic market.

In 2013, the company launched Bonita, a long-acting sodium hyaluronate injectable filler, marking another industry first in China. In 2015, LoveFiller, a sodium hyaluronate injectable filler containing phenol-based anesthetic, and AiMeiFei, a sodium hyaluronate injectable filler containing lidocaine, were successively introduced to the market, further enriching the product portfolio. In 2017, Imeik introduced the HiTi series, the first dermal filler in China approved for neck wrinkle correction, along with YiMei Plus One, a premium hyaluronic acid filler that can be regarded as an upgraded version of YiMei. In 2019, the facial thread lift product ZiLian received approval, becoming the first product in China to obtain a Class III medical device certificate for facial implantable threads from the National Medical Products Administration (NMPA).

In September 2020, Imeik reached a new milestone. The company successfully listed on the ChiNext board of the Shenzhen Stock Exchange, raising RMB 1.935 billion.

In 2021, Imeik launched the regenerative injectable “Ru Bai Tian Shi” (Angel), once again leading industry trends. At the end of 2022, Imeik acquired Harbin Peiqilong Biopharmaceutical Co., Ltd. for RMB 350 million, formally entering the collagen sector. This strategic move not only expanded the company’s product portfolio but also marked Imeik’s progression from a leading domestic medical aesthetics enterprise to an internationally renowned company.

The acquisition of REGEN marks a significant step in Imeik’s internationalization strategy. As the first cross-border acquisition disclosed by Imeik since its IPO, this announcement signals the company’s broader ambition to expand into overseas markets.

From the perspective of development trends in the medical aesthetics industry, global expansion has become a consensus. Taking Changchun Shengboma Biotechnology, which also offers the poly-L-lactic acid dermal filler “Aivilan,” as an example, the company was also promoting the international launch of Aivilan in 2024.

In its post-transaction planning, Imeik stated: “As the Company’s international business platform, the target company will benefit from our extensive experience in R&D, manufacturing, supply chain, and management, enabling it to diversify its product portfolio, reduce production costs, and enhance operational efficiency.”

Financial report data shows that in the first three quarters of 2024, Imeik recorded a revenue of RMB 2.376 billion, a year-on-year increase of 9.46%; its net profit attributable to shareholders and net profit after deducting non-recurring gains and losses were RMB 1.586 billion and RMB 1.530 billion respectively, representing year-on-year increases of 11.79% and 9.66% respectively. Although Imeik continues to maintain year-on-year growth, its growth rate has declined sharply compared to the same period in previous years.

For Imeik, going global may be a strategy to identify the next driver of performance growth.

As for REGEN’s core products, the issue of distribution rights is also involved.

Jiangsu Wuzhong is currently the exclusive distributor of AestheFill in mainland China. In 2021, Jiangsu Wuzhong indirectly obtained the distribution rights to AestheFill by acquiring a 51% equity stake in Datou Medical. These distribution rights were initially secured by Dace International from REGEN and subsequently sublicensed to Datou Medical. According to the agreement, the distribution rights held by Jiangsu Wuzhong are valid until August 28, 2032, and will automatically extend for an additional three years unless either party provides prior notice to the other.

Following the completion of this acquisition, REGEN will become a controlling subsidiary of Imeik, and the agency rights for AestheFill, one of REGEN’s core products, have become a focal point of market attention.

Based on current information, Jiangsu Wuzhong’s distribution rights will not be affected in the short term. Imeik has stated that the acquisition of REGEN is a significant step in its internationalization strategy, and Jiangsu Wuzhong’s existing distribution agreement remains valid. Furthermore, Jiangsu Wuzhong has explicitly clarified that its distribution rights are valid until 2032, with no additional distribution fees required during the term of the agreement.

Although Jiangsu Wuzhong’s distribution rights remain unaffected in the short term, Imeik’s acquisition may potentially impact these rights in the long run. As the parent company of AestheFill, Imeik may adjust sales strategies, channel management, and profit distribution in the future. For instance, while ensuring reasonable profit margins for distributors, Imeik may further enhance product competitiveness and end-user experience.

Furthermore, if IMIK completes the acquisition of the remaining 15% equity interest in REGEN within the next 18 months, thereby achieving full ownership, its control over AestheFill will be further strengthened, which may prompt both parties to reevaluate and adjust the distribution agreement.

Since receiving approval for launch in mainland China in January 2024, AestheFill has rapidly become a significant growth driver for Jiangsu Wuzhong’s medical aesthetics business. With the completion of Imeik’s acquisition of REGEN, the promotion and sales of AestheFill in the Chinese market are likely to benefit from greater resource support in the future.

A representative from Imeik also responded, “REGEN’s previously modest revenue scale was primarily due to insufficient production capacity, with its products in short supply across the global market. With the new factory commencing operations in 2025, both revenue and profit are poised for explosive growth.”