China’s Luye Pharma acquires Boan to expedite global expansion

Luye Parma Group acquires 98% stake in Shandong Boan Biological Technology

China’s top biopharma player Luye Pharma Group has announced the acquisition of Shandong Boan Biological Technology Co. Ltd (Boan) to fast-track its global expansion plans.

With the acquisition, Luye Pharma will gain control of Boan’s assets including its entire product pipeline, antibody screening, and manufacturing platform and related intellectual property, among others, per a company statement.

Financial terms of the deal remain undisclosed but according to local media reports Luye Pharma Group bought the stake in Boan through its unit Luye Investment. It acquired 98 per cent for about 1.4 billion yuan ($205 million) with the payment to be made in stages, according to local media reports. 

Luye Pharma is focused on four therapeutic areas including the central nervous system, oncology, cardiovascular and metabolism, with CNS and oncology at the forefront.   

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

The acquisition will facilitate Luye’s biopharma product pipeline, especially for the innovative biological antibody candidates. It will also enhance its existing R&D and manufacturing capabilities within this field.

Established in 2013, the Yantai-headquartered antibody developer Boan targets the therapeutic areas of oncology, central nervous system, diabetes and immune disease to produce biosimilar and innovative biologic medicines. Boan has five biosimilar drug candidates in clinical stages. 

 

 

 

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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.