Pri­vate eq­ui­ty meets Chi­na biotech: PAG in­fus­es $540M to gain con­trol of Hisun's biosim­i­lar sub­sidiary

Pri­vate eq­ui­ty firm PAG has emerged as the win­ner in a bid­ding war for Hisun Bio­Ray, the biotech unit of Chi­nese gener­ics and API mak­er Zhe­jiang Hisun Phar­ma­ceu­ti­cal.

Un­der the deal Hong Kong-based PAG is shelling out $540 mil­lion in ex­change for 58% own­er­ship of Bio­Ray — from its two R&D and man­u­fac­tur­ing cen­ters in Taizhou and Hangzhou to na­tion­wide com­mer­cial op­er­a­tions — while the moth­er com­pa­ny re­tains the oth­er 42%.

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