Hong Kong-based private equity firm PAG has paid $540m for a controlling stake in the biotech division of a Chinese state-owned pharma company, in what it claims is the largest private capital investment in the sector on the mainland.
More than 40 financial and strategic investors were in talks with Zhejiang Hisun Pharmaceutical to buy what ultimately became a 58 per cent stake in Hisun BioRay Biopharmaceutical, which is less than a year old, illustrating strong investor interest in life sciences in China.
Both local and overseas groups, such as General Atlantic, Goldman Sachs and Warburg Pincus are investing in mainland biotech, while their enthusiasm for other parts of the tech world — notably consumer internet — has dimmed.
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