Nanogen Biotechnology JSC, formerly known as Viet Commercial Joint Stock Company, was established in September 1997 by Mr. Ho Nhan and his associates. According to the business registration dated November 6, 2024, Mr. Ho Nhan is the CEO and legal representative of the company.
According to its website, the company is a leading researcher, developer, and successful applicant of biotechnology advancements in the Asia-Pacific region in the production of pharmaceutical raw materials and biologics from recombinant DNA/protein technology.
When the COVID-19 pandemic emerged in early 2020, Mr. Ho Nhan and his team planned to research a vaccine and subsequently funded the research and development of Nanocovax with their own resources, without relying on state budget funds.
Prior to this, Nanogen was known as a pharmaceutical manufacturer with a range of drug and biologic products.
Their product portfolio includes NanoGenPegnano (for the treatment of hepatitis B and C), Ficoyte (to boost neutrophils and support cancer patients undergoing chemotherapy), Nanokine (for the treatment of anemia in patients with chronic kidney disease and cancer patients undergoing chemotherapy), and Feronsure (for the treatment of hairy cell leukemia, Kaposi’s sarcoma in HIV/AIDS patients, chronic myeloid leukemia, lymphoma, advanced renal cell carcinoma, and malignant melanoma…).
Nanogen has 4 factories and 1 Research and Development Center in Vietnam, with a total area of 73,000 m2. With a capacity of over 50 million products per year, Nanogen has distributed its products to 15 countries in Asia, Europe, Africa, and America.
In the years 2016-2018, the company had a revenue of approximately VND 180 billion per year and a profit of about VND 10 billion. By 2020, Nanogen’s total assets reached nearly VND 1,370 billion. This was also the year Nanogen made a strong mark on the map of domestic pharmaceutical companies with the achievement of successful COVID-19 vaccine trials, along with the highest revenue in the last 5 years.
In 2019, according to the financial report of KIS Securities Joint Stock Company (established by Korea Investment & Securities Co., Ltd.), the company spent nearly VND 11.6 billion to purchase 162,500 shares of Nanogen in the capital increase of the same year, equivalent to a valuation of over VND 71,000 per share.
As a result, Nanogen successfully raised its capital from VND 650 billion to VND 715 billion through share offering, raising VND 463.6 billion, equivalent to a company valuation of about VND 5,100 billion (USD 220 million). The ownership ratio of foreign investors in the company increased from 16.28% to 25.68%, all of whom were funds and individuals from South Korea.
As of the end of March 2021, Nanogen’s capital increased to over VND 806 billion, with Mr. Nhan remaining the largest shareholder of this pharmaceutical company with 59.6% of the shares, valued at approximately VND 3,000 billion based on the valuation of VND 5,100 billion.
Among Nanogen’s shareholders, STIC Private Equity Fund III L.P. holds 6.84% of the capital, and STIC Shariah Private Equity Fund III L.P. holds 1.22%. These two funds are affiliated with STIC Investments, a relatively long-standing investment company in Vietnam that has participated in numerous large and small deals.
According to its introduction, STIC Investments is one of the largest and most experienced private equity firms in South Korea. Established in 1999, the company currently manages assets worth USD 6.7 billion. STIC invests in various regions around the world, including Europe, the Middle East, and Southeast Asia. In Vietnam, the company established its office in Ho Chi Minh City in 2008.
However, on the STIC Investments website, the company only displays three investments in Vietnam: Cammsys, Masan Group, and Viet Uc. In the 2024 annual report of Taseco (code: AST), STIC Pan-Asia 4th Industry Growth Private Equity Fund is shown to hold a 10% stake in Taseco.
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