Luye Pharma to acquire majority stake in Beijing Jialin for $599 million
Hong Kong-based Luye Pharma (SEHK: 2186) has entered into an agreement to purchase a 57.98% stake of Beijing Jialin Pharmaceutical for an aggregate consideration of 3.68 billion renminbi ($599 million) in cash.
The move comes just one month after its $764 million initial public offering (IPO) in Hong Kong, and is a significant expansionary step for Luye Pharma.
The acquisition will add another key product to Luye’s portfolio and enrich product line of cardiovascular system, which is the strategic therapeutic focus of the company. This acquisition will further strengthen company’s market position and competitive advantage in cardiovascular system, especially in the area of lipid regulators, and thus maximize its size and strengths swiftly, says Luye.
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