In a significant development for the biopharmaceutical industry, China Resources Medical Holdings Company Limited and its subsidiary, CR Boya Biological Pharmacy Co. Ltd. (SHE: 300294), have entered into a strategic partnership and equity transfer agreement with GC Corp. The agreement facilitates CR Boya’s acquisition of a 100% stake in Green Cross HK Holdings Ltd. for a cash consideration of RMB 1.82 billion (USD 250 million).
GC Corp, a biopharmaceutical conglomerate established in 1967, has a diverse portfolio that includes blood products, vaccines, cell and gene therapy, and diagnostic reagents. Green Cross China Biological Products Co., Ltd., a wholly-owned subsidiary of Green Cross HK in China, is a key player in the manufacturing, research and development, and sales of blood products. The company’s product range includes albumin, intravenous immunoglobulin, factor VIII, fibrinogen, human hepatitis B immunoglobulin, and tetanus immunoglobulin, available in six varieties and 16 specifications. It operates four plasma collection stations and reported a plasma collection volume of 104 tons in 2023, reflecting a compound annual growth rate of 13% from 2017 to 2023.
The strategic acquisition is expected to bolster China Resources Medical’s presence in the biopharmaceutical sector, leveraging Green Cross China’s established market position and product portfolio. This move aligns with China Resources Medical’s long-term growth objectives and commitment to enhancing its healthcare offerings in China.
The transaction is subject to certain conditions precedent, including governmental approvals and the fulfillment of other terms and conditions as stated in the Share Purchase Agreement. The completion of the acquisition is expected to occur upon the satisfaction of these conditions.
This acquisition signifies a major step for CR Boya Bio-Pharmaceutical as it looks to expand its footprint in the global biopharmaceutical market, building on its existing strengths in blood products and other medical research areas.- Flcube.com
