LG Chem has sold its aesthetics business, including its hyaluronic acid (HA) fillers, for approximately KRW 200 billion (USD 144 million), shifting its strategic focus to oncology drug development.
On August 7, LG Chem announced that its board of directors had approved the decision to transfer the aesthetics division of its Life Sciences Business Unit to VIG Partners, a Korea-based private equity firm. The transaction value amounts to KRW 200 billion(USD 145 Million, representing 0.42% of the company’s consolidated equity.
LG Chem’s Life Sciences Business Unit comprises three segments: Primary Care (focused on prescription drugs), Specialty Care (including growth hormone and vaccines), and Aesthetics. With this deal, LG Chem is divesting its Aesthetics segment, which generated approximately KRW 100 billion in revenue last year. The portfolio includes HA filler YVOIRE, skin booster Vitaran, and fat-dissolving injection Bellacollin.
“This transaction is part of our portfolio rebalancing strategy to strengthen the competitiveness of our Life Sciences division, with a primary focus on oncology,” said an LG Chem representative.
LG Chem began ramping up its oncology efforts with the USD 570 million acquisition of U.S.-based oncology company AVEO in October 2022. Since then, AVEO has been conducting a Phase 3 clinical trial in the U.S. on its lead pipeline candidate, ficlatuzumab, in combination with Erbitux (cetuximab) for HPV-negative head and neck cancer. The study is expected to conclude by November 2026. Meanwhile, LG Chem is also conducting a Phase 1 trial in the U.S. for its first internally developed oncology candidate, LB-LR1109.
The proceeds from the aesthetics divestiture are expected to support LG Chem’s continued investment in innovative drug development. The company has identified three key growth engines: innovative pharmaceuticals, eco-friendly materials, and battery core materials. In the life sciences segment, LG Chem plans to focus on areas with high unmet medical needs and strong market potential, namely oncology and metabolic diseases such as diabetes—areas where it already has extensive R&D experience.
“Although the deal has not been finalized and the allocation of funds has yet to be determined,” the company added, “it is likely that the proceeds will be used to support LG Chem’s three strategic growth pillars.”
