With Covid-19 vaccine in limbo, China's Fosun inks $628M deal for a Prevnar 13 rival
Fosun Pharma, BioNTech’s partner for its Covid-19 vaccine in China, has its sights set on another enormous vaccine market.
The Shanghai-based company has bought a majority stake in Chengdu Antejin Biotech, which is developing a shot against 13 strains of pneumonia-causing bacteria, making it a subsidiary. It’s a two-part deal: On top of paying current shareholders $173.9 million (RMB 1.11 billion) in cash to grab a collective 32.52%, Fosun will merge its vaccine business, Dalian Aleph Biomedical, into the company. Aleph is valued at $454.2 million (RMB 2.9 billion).
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