Hong Kong-listed Sino Biopharmaceutical said on Tuesday it would acquire China-based Hangzhou Hygieia Biomedical for up to 1.20 billion yuan ($172.04 million), as it looks to bolster its portfolio of chronic-disease treatments.
Sino Biopharmaceutical said a unit would buy a 100% stake in Hygieia, with the consideration to be paid partly in cash and partly in newly issued shares.
Following completion, Hangzhou Hygieia will become a unit of Sino Biopharmaceutical, it added.
The deal marks Sino Biopharmaceutical’s latest acquisition, as it expands its innovative drug pipeline, following last year’s agreement to acquire LaNova Medicines.
Hygieia focuses on the development of small interfering RNA therapies and has built an end-to-end drug development platform from target discovery to clinical proof-of-concept.
Its research is focused on weight management and metabolism, cardiovascular and cerebrovascular diseases, and neurological disorders.
($1 = 6.9758 Chinese yuan renminbi)
Reuters
