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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