Fosun leverages on pharmaceutical, biotech in race to tackle coronavirus as pandemic dents ClubMed, Cirque du Soleil units
- Fosun plans to start clinical trials of its coronavirus vaccine called BNT162 from this month in race to find a cure
- The group’s tourism and entertainment businesses are facing setbacks with shutdowns and lay-offs amid pandemic
The fast-paced expansion in biotechnology and pharmaceuticals business offers an avenue for growth to the Chinese conglomerate as a substantial part of its assets acquired across Europe in recent years hit the skid amid the worsening coronavirus pandemic.
Guo Guangchang, chairman and co-founder, said the group would strengthen its efforts to develop the medical-related business to ride out the turbulence, while the global health crisis slammed its tourism and retail ventures such as Club-Med and Cirque du Soleil operations.
“It’s time to consolidate our global resources to show that we can help others,” Guo said in a phone conference on Wednesday. “We can also mobilise our production capacity in China to create a synergy with the international businesses.”
The pandemic brought an immediate challenge to Fosun, which reshuffled its top management team in February after an acquisition spree over the past five years. In that process, the group added the Thomas Cook trademark, ClubMed, Cirque do Soleil and Lanvin to its portfolio, most of which are facing a crunch.