Korean biotech IPO gives STIC 2x exit

The Seoul-based private equity and secondaries fund manager has exited its investment in Medy-Tox, generating a net IRR of 33.2% in two years.

STIC Investments has sold its stake in Medy-Tox, a Korean biotech company, which was listed on the Korean Stock Exchange in January. The firm has divested its entire holding in the company, generating a net internal rate of return of 33.2 percent and returning a 2x multiple on its investment.

STIC acquired a stake of about 10 percent in Medy-Tox in the last quarter of 2006, Trevor Chan, a director of the firm, said. He declined to comment on the amount invested or disclose which fund made the investment.

Established in 2000, Medy-Tox specialises in research and development and the production of botulinum toxin pharmaceuticals for therapeutic and cosmetic usage.

In October 2008, the firm closed its STIC Secondaries Fund II on $369 million. It acquires private equity portfolios including growth capital, buyouts and special situations in South Korea and in rest of the Asia Pacific region.

With offices in Seoul, Busan, Taipei, Hong Kong, Shanghai, Silicon Valley and Ho Chi Minh, STIC invests across Asia. It manages assets of more than $1.2 billion and since its formation in 1999, has invested in more than 282 companies.