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Week In Review: Sinovac's Privatization Offer Draws $459 Million Outside Bid

Jul. 02, 2017 8:31 AM ETSVA, GE, CHPTY, TAK, HCM, AZN1 Comment
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ChinaBio Today

Deals and Financings

Shandong Sinobioway Biomedicine (SZE: 002581) topped management's $402 million bid to privatize China vaccine maker Sinovac (SVA) with a $459 million offer of its own. Sinobioway also criticized Sinovac's board for its lack of transparency. Eighteen months ago, when the Sinovac privatization saga started, Sinobioway offered $7 per share for Sinovac, improving on management's earlier $6.18 offer. Sinovac's board responded by instituting a poison pill and going silent on the proceedings. This week, Sinovac announced it had accepted management's newly raised $7 bid - a bid that had never been publicly announced. Now, Sinobioway is offering $8 per share, or $459 million. Sinovac is a Beijing vaccine company with legacy vaccines for hepatitis A and B.

Hong Kong's AGIC Capital will acquire Ritedose Corporation of South Carolina for somewhere between $600 million and $800 million, according to media reports. Ritedose offers blow-fill-seal services for liquid pharmaceuticals along with formulation services. China pharmaceutical company Humanwell Health will take a minority position in Ritedose. AGIC Capital, a $1 billion fund co-founded in 2015 by well-known banker Henry Cai, said it will help Ritedose expand to China and Asian markets.

Last week, Guangzhou broke ground on a major new $800 million biopharma park (see story). General Electric (GE) is partnering with the Guangzhou Development District in the southern China city to build the park, whose first stage will comprise at least 350,000 square meters. GE supplies prefabricated bioprocessing facilities (KUBio) that manufacture biologic drugs, and the company's China headquarters, for all of its various divisions, are in Guangzhou. It is the first time GE has built a biopharma park in Asia.

CSPC Pharmaceutical (OTCPK:CHPTY) (HK: 1093) of Hong Kong acquired global rights to two pre-clinical drug candidates developed by researchers at University of Texas institutions (see story). The

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China has become the #2 pharmaceutical market years ahead of projections and continues to be the fastest growing market in the world. China is $50 billion dollars a year into life science and healthcare development through over 160 government funding programs. VC investment, M&A transactions and cross-border partnering deals in China were all up significantly in 2012. ChinaBio® Today focuses exclusively on the rapidly evolving life science industry in China, including biotech, pharma, medical device, diagnostics, services and tools. From our offices in Shanghai and San Diego, our industry analysts provide daily news, commentary and analysis on public and private China life science companies, as well as events and global issues affecting the China market. Visit: ChinaBio Today (http://www.chinabiotoday.com) ChinaBio LLC (http://www.chinabiollc.com)

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