PAG acquires control of biosimilars firm Hisun BioRay

6 September 2019

Asia-focused Hong Kong-based private equity firm PAG has executed a final agreement to acquire a controlling interest in Zhejiang Hisun Pharmaceutical’s (SHA: 600267) subsidiary Hisun BioRay Bio-pharmaceutical Co.

PAG will acquire 58% of Hisun BioRay for around 3.8 billion renminbi (~$540 million). Zhejiang Hisun will continue to retain 42% ownership. This acquisition will be the largest private equity investment in China’s biotechnology industry to date, the companies claim.

Established in January 2019, Hisun BioRay has been a core business division and the platform for the R&D, manufacturing and sales of biologic antibody-based drugs of Hisun Pharmaceutical. State-owned Hisun Pharmaceutical entered into the biological pharmaceuticals segment in 2003. Over 40 potential investors were vying for a controlling share of the young company, according to Hisun chairman Guoping Jiang.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK