Luye Pharma to acquire A-Bio Pharma
Shanghai. August 2. INTERFAX-CHINA - Shandong Province-based Luye Pharma Group Co. Ltd. on July 31 announced plans to acquire an 80 percent stake in Singapore's A-Bio Pharma Pte Ltd. for $7.36 million.
According to the announcement, Biomedical Sciences Investment Fund Pte Ltd., currently the sole owner of A-Bio Pharma, will retain a 20 percent stake in the company.
A-Bio Pharma will conduct biological drug research and development (R D) for Luye Pharma following the acquisition, which marks the buyer's entry into the biological sector, the announcement said.
Luye Pharma hopes to attract talented research staff and speed up the R D process through the deal.
Founded in 2002, A-Bio Pharma is a contract manufacturer of biological products which provides services including process development and good manufacturing practice (GMP) certified production.
Luye Pharma focuses on the development, production and distribution of novel over-the-counter (OTC) chemical drugs. It is headquartered in Shandong's Yantai City and listed on the main board of Singapore Stock Exchange in April 2004.
Luye Pharma's operating revenue reached RMB 950 million ($140.22 million) in 2009, up 46.7 percent on the previous year.