Morgan Stanley has acquired a 5.31% stake in PharmaResearch Co., the South Korean company behind the Rejuran skin booster treatment, according to a Dec. 17 regulatory filing with Korea’s Financial Supervisory Service.
The Wall Street bank now holds 551,265 common shares in the KOSDAQ-listed company, with market observers estimating the position at roughly ₩20 billion ($13.54 million). Morgan Stanley classified the holding as a “simple investment.”
The move adds another prominent name to PharmaResearch’s shareholder base. Private equity firm CVC invested ₩200 billion ($135 million) in the company last September, while foreign investors have net purchased ₩271.7 billion worth of shares since January.
PharmaResearch has ridden a wave of interest in its salmon DNA-derived injectable, which gained attention after celebrity endorsements and media coverage of Americans traveling to Korea for the procedure. Rejuran lacks FDA approval for injectable use in the United States, limiting the company to topical product distribution there through a partnership with LaserAway announced earlier this year.
The company posted 2024 revenue of ₩349.7 billion ($236.7 million), up 34% year-over-year, with operating profit rising 36.5% to ₩125.9 billion. Whether Morgan Stanley’s bet reflects conviction in PharmaResearch’s ability to navigate U.S. regulatory hurdles remains unclear.
