Dong Wha Pharm acquires aesthetic medical device maker Hironic

Dong Wha Pharm Co. CI

South Korean pharmaceutical company Dong Wha Pharm Co. announced on Monday that it is advancing into the aesthetic medical device market by acquiring a 57.8 percent stake in Hironic Co., an aesthetic medical device manufacturer.

Dong Wha Pharm signed a contract on Friday to acquire a total of 8.38 million existing shares and 5.58 million new shares for 160 billion won ($119 million). It plans to finalize the deal by December 13, 2024.

The company also said Mirae Asset Venture Investment Co. and other private equity firms are participating in the investment.

Hironic develops, manufactures, and sells skin aesthetic medical devices based on high-intensity focused ultrasound (HIFU) and radiofrequency (RF). It also builds product lines of medical aesthetic devices for hospitals and individuals, the company said.

“This acquisition will allow us to secure new growth engines by entering the aesthetic medical device market with high growth potential,” said an official from Dong Wha Pharm. “We plan to expand and diversify our existing medical device portfolio to enhance our competitiveness in the global medical device market moving forward.”