New | China Everbright healthcare fund to buy US biotechnology firm Ambrx
A consortium led by China Everbright’s healthcare fund is buying United States biotechnology firm Ambrx for an undisclosed amount.
The deal, announced on Friday morning, includes other mainland healthcare companies including Shanghai Fosun Pharmaceutical and WuXi PharmaTech, and investment firm HOPU Investments. The transaction, which will need regulatory approvals, is expected to be completed in the second quarter.
California-based Ambrx focuses on developing protein therapeutics known as bio-conjugates. It has developed a pipeline of products including antibody drug conjugates and other therapy products for diseases such as breast cancer and diabetes.
China Everbright chief executive Chen Shuang said: “This collaboration brings together resources from leading China-based pharmaceutical enterprises and leading US-based innovators in biologics development, together with the financial resources and networks from CEL, which will result in a great synergy.”
Upon completion of the acquisition, Ambrx will obtain quality resources from its Chinese partners to finance technical innovation of its research centre in the US, Chen said.
This collaboration brings together resources from leading China-based pharmaceutical enterprises and leading US-based innovators in biologics development
The new funding will also be used to establish a global product development centre in China, he added.
“We believe that, with the support of the cooperation partners, Ambrx’s business will expand rapidly in China,” he said.
Established in Hong Kong in 1997, Hong Kong-listed China Everbright is the investment arm of mainland Chinese conglomerate China Everbright Group. It runs a number of private equity funds, venture capital and hedge fund. Its healthcare fund invests mainly in leading healthcare and life science companies.
Shanghai Fosun Pharmaceutical invests in pharmaceutical manufacturing and retail, and in companies that provide healthcare services, diagnostic products and medical devices.
WuXi PharmaTech conducts research in pharmaceutical, biotechnology and medical device and is building a platform on clinical diagnostic services.
