By Fineline Cube 
Aspen Holdings announced a binding agreement for its wholly‑owned subsidiary Aspen Global Incorporated (AGI) to sell 100% of equity in its Asia‑Pacific business (excluding China) to BGH Capital Pty Ltd, an Australian private equity firm, for AUD 2.37 billion (≈ RMB 11 billion). Concurrently, Aspen China granted Harmonia Pharma exclusive distribution rights for Ovestin (Estriol cream) in Mainland China.
Transaction Summary
| Item | Detail |
|---|---|
| Seller | Aspen Global Incorporated (AGI), wholly‑owned subsidiary of Aspen Holdings |
| Buyer | BGH Capital Pty Ltd (managing BGH Capital Fund II) |
| Assets | 100% equity in Aspen’s Asia‑Pacific business (Australia, New Zealand, other APAC regions) and related IP |
| Consideration | AUD 2.37 billion (≈ RMB 11 billion), unadjusted |
| Structure | Transaction via two special purpose vehicles (SPVs) |
| Agreement Date | 29 Dec 2025 |
| Expected Closing | H1 2026 (subject to regulatory approvals) |
Strategic Rationale
Portfolio Refocusing:
- Divestment of non‑core APAC markets to concentrate resources on higher‑growth China operations and global specialty pharma segments
- BGH Capital acquisition provides immediate liquidity and valuation realization for mature APAC assets
Market Positioning:
- BGH Capital gains a leading regional pharma platform with established brands and distribution networks
- Aspen retains China operations, a ¥3‑4 billion annual revenue segment growing at 15% CAGR
China Partnership: Ovestin Distribution
Concurrent Agreement:
- Aspen China granted Harmonia Pharma exclusive distribution rights for Ovestin (Estriol cream) in Mainland China
- Indication: Hormone replacement therapy for menopausal symptoms and vulvovaginal atrophy
- Market Opportunity: ¥800‑1.2 billion addressable market with 12% annual growth
- Strategy: Leverage Harmonia’s specialty pharma distribution network to accelerate market penetration
Financial Implications
Use of Proceeds:
- AUD 2.37 billion will be deployed to:
- Reduce corporate debt by 30‑35% (≈ RMB 3.3 billion)
- Fund China R&D pipeline expansion (¥1.5 billion)
- Return capital to shareholders via special dividend (¥2 billion)
Valuation Metrics:
- EV/Sales multiple: ~2.8x FY2025 APAC revenue (AUD 845 million)
- Premium to book value: 45% premium over net asset value
- Accretive impact: Expected to boost Aspen’s ROE by 200‑250 bps post‑transaction
Forward‑Looking Statements
This brief contains forward‑looking statements regarding the transaction timeline, financial impact, and strategic outcomes. Actual results may differ materially due to regulatory approvals, market conditions, and integration challenges.-Fineline Info & Tech