Centurium Capital-backed group seeks $1b financing for China Biologic bid

A biological testing process underway at a personal products lab. Photo: Bloomberg

A consortium seeking to take China Biologic Products Holdings Inc. private is in talks with banks for more than $1 billion of funding to back its bid, according to people familiar with the matter.

The group is speaking to international and Chinese banks for the financing as it works toward making a formal bid, said the people, who asked not to be identified because the information is private. The consortium includes Beachhead Holding Ltd., which is controlled by Centurium Capital founded by former Warburg Pincus LLC partner David Li.

The talks come after the consortium in September made a preliminary non-binding offer of $120 per share for China Biologic for all the stock it doesn’t already own. The offer valued the company at about $4.6 billion. China Biologic said at the time that no decisions have been made regarding a transaction.

That was at least the second attempt by the group to privatize China Biologic. Last year, it proposed to acquire the firm for $118 a share, a bid rejected by the biopharmaceutical company’s board. The consortium, which also includes CITIC Capital, owned about 58% of China Biologic, according to a Sept. 19 statement.

Representatives for Beachhead and China Biologic declined to comment.

China Biologic, which was listed in 2009, sells plasma products including albumin, immunoglobulin for intravenous injection and coagulation factor products, according to its website. Shares of the biopharmaceutical company have risen 51% in U.S. trading this year to $114.7 on Tuesday, giving the firm a market value of about $4.4 billion.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.