China Resources Double-Crane Pharmaceutical Co., Ltd (SHA: 600062) announced plans to acquire a 50.11% stake in Shenzhou Biotechnology Co., Ltd for RMB 501.73 million (USD 74.1 million). The move aims to expand the firm’s presence in the bio-fermentation sector.
Transaction Details
The acquisition will give Double-Crane a controlling interest in Shenzhou Biotech, a high-tech enterprise established in 2006 by China Aerospace Science and Technology Corporation (CASC). Shenzhou Biotech focuses on the R&D, manufacturing, and sales of bio-fermented products.
Strategic Rationale
The deal aligns with Double-Crane’s strategy to diversify its product portfolio and tap into the growing bio-fermentation market. Shenzhou Biotech’s expertise in bio-fermented products will complement Double-Crane’s existing capabilities.-Fineline Info & Tech
