Shanghai Fosun Pharmaceutical (Group) Co., Ltd (SHA: 600196, HKG: 2196) has announced the termination of an equity transfer deal with OncoCare Medical Pte. Ltd. The decision follows the inability to fulfill all preconditions for the transaction within the agreed period.
Deal Overview
In June this year, Fosun Pharma had agreed to acquire a 60% stake in the Singapore-based firm for SGD 217.67 million (USD 158 million) from Solid Success, SMS, and three shareholder doctors. The transaction was subject to several preconditions, which could not be fully met by the agreed deadline of October 30, 2022.
Termination Agreement
Given the unfulfilled preconditions, the parties mutually agreed to terminate the transaction according to the terms of the agreement. As of the announcement date, Fosun Pharma has not made any payments related to the deal.
Future Implications
The termination of the equity transfer deal underscores the complexities involved in cross-border transactions, particularly those subject to multiple regulatory and operational preconditions. Fosun Pharma remains committed to its strategic initiatives and will continue to explore opportunities that align with its long-term goals.-Fineline Info & Tech
