LG Chem has completed the sale of its aesthetics business under the Life Sciences Division to VIG Partners, finalizing the deal six months after announcing plans to divest in February.

In a disclosure on August 7, the company said it will transfer the business for $144 million to optimize its portfolio and enhance competitiveness. The price is well below the $361 million target initially set when the sale process began.

The Life Sciences Division comprises three segments: prescription drugs, growth hormones/vaccines/osteoarthritis treatments, and aesthetics. The divested portfolio includes the hyaluronic acid (HA) filler Yvoire and the polynucleotide (PN)-based skin booster Vitaran. Proceeds will be redirected to strengthen oncology and new drug development.

LG Chem has been expanding its oncology pipeline since acquiring Boston-based AVEO Oncology for $505 million in 2023. The company is advancing clinical trials for kidney cancer therapy FOTIVDA and head and neck cancer therapy ficlatuzumab, while investing $289 million in R&D for new drug candidates.

“The LG Group is concentrating efforts on bio-based new drug research,” an LG Chem spokesperson said. “By scaling down the aesthetics business, we can allocate more resources to oncology and innovative drug development.”

VIG Partners, which acquired medical aesthetics device maker Viol in June and secured a 94.24% stake before initiating a voluntary delisting on August 4, will now add LG Chem’s aesthetics business to its portfolio. The deal raises expectations of potential integration between the two aesthetics operations.