3SBio acquiring biomanufacturing business of Therapure

China-based biotech 3SBio (HKG: 1530) has entered into an agreement to acquire Canadian firm Therapure Biopharna’s contract development and manufacturing (CDMO) business and certain rights to plasma products and technology for the Chinese market for $290 million, subject to certain adjustments.

Also, 3Bio and Therapure have entered into a joint venture with CPE Funds (investment funds advised by CITICPE). Following 3SBio shareholders' approval, the acquisition is expected to close by end of 2017.

The CDMO business will continue to operate under the Therapure brand and be led by Therapure’s chief executive Nick Green and the current senior management team at its manufacturing facilities located in Mississauga, Ontario. The Catalyst Capital Group will retain ownership of, and will support future investments in, Therapure’s plasma protein and therapeutic products business under a separate entity (“ProductsCo”). The joint venture between 3SBio and CITICPE will contribute at least an additional C$20-C$25 million ($16-$20 million) to ProductsCo under the terms of the agreement to be used for the construction of a new commercial facility.