58% stake in Hisun BioRay acquired by PE firm PAG for USD 540 mln
Sep 05, 2019 (China Knowledge) - Hong Kong-based private equity firm PAG has acquired a 58% stake in Hisun BioRay Biopharmaceutical for USD 540 mln (RMB 3.8 bln). Hisun BioRay is a subsidiary of Chinese pharmaceutical giant Zhejiang Hisun Pharmaceutical (600267), and the latter will hold on to the remaining 42% stake in the subsidiary.
Established in January of this year, Hisun BioRay is a business division within its parent company which focuses in research and development (R&D), as well as the production and sales of biotech drugs. Currently, Hisun BioRay owns two R&D and production centers in Taizhou and Hangzhou. In addition, the company has around 700 staff attached to offices in Taizhou, Hangzhou, and Shanghai.
In around half a year, Hisun BioRay has rose to become a key player in the auto-immune and oncology treatment areas. The company currently produces drugs that aims to alleviate swelling for people suffering from arthritis.
In a statement released by Kevin Xu, head of PAG Growth Capital, he affirms PAG’s strong commitment in investing in China’s biotech industry. Wang Haibin, CEO of Hisun BioRay, also announced that the company will utilize the investment to “support and accelerate” the research and development, production as well as clinical tests of the drugs to transform the company is a leader in biologics and biotech innovation.
The transaction between PAG and HiSun BioRay is believed to be one of the largest equity investments of the Chinese biotechnology industry.
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