China’s Luye Pharma acquires Boan to expedite global expansion - (DealStreetAsia via NewsPoints Desk)

  • Luye Pharma announced the acquisition of Shandong Boan Biological Technology as the Chinese biopharmaceutical firm looks to fast-track its global expansion plans, reported DealStreetAsia.

  • Financial terms of the deal remain undisclosed, but according to local media reports Luye Pharma bought the stake in Boan through its Luye Investment unit. 

  • Specifically, it acquired 98% for about 1.4 billion yuan with the payment to be made in stages, the media reports said. 

  • With the acquisition, Luye Pharma will gain control of Boan's entire product pipeline, antibody screening and manufacturing platform, as well as related intellectual property.

  • Luye Pharma has six manufacturing bases across the world with three R&D centres in China, the US and Europe, the news source said.

  • According to the news source, the company is focused on the therapeutic areas of central nervous system (CNS), oncology, cardiovascular and metabolism, with CNS and oncology being at the forefront.

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