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.