Published on : May 22, 2015
A group led by Chinese healthcare fund Everbright has chalked out details to buy U.S. based biotechnology firm Ambrx for an amount which in undisclosed.
The deal, recently announces, is inclusive of other healthcare companies in mainland which are WuXi Pharma Tech and Shanghai Fosun Pharmaceutical, and investment company HOPU Investments.
The deal, which requires regulatory approvals, is going to be completed by the second quarter.
The California based firm Ambrx focuses on expanding protein therapeutics, which are known as bio-conjugates. The firm has developed a range of products which include antibody drug conjugates and alternate therapy products for diabetes and breast cancer.
As commented by chief executive at China Everbright, the collaboration will bring together human resource from leading pharmaceutical enterprises in China and leading innovators based in the U.S. for biologics development. The union will bring together networks and financial resources from CEL, which is expected to have great synergy.
After completion of the acquisition, Ambrx is slated to have quality resources from its Chinese partner firm for technical innovation of the research center in the U.S.
The funding from the new group formed will also be used to institute a product development center in China. He further commented, with support from the partners, Ambrx hopes to expand business rapidly in China.
China Everbright is the investment making arm of China Everbright Group, based in mainland China. The investment arm runs a large number of venture capital, hedge funds, and private equity funds. The healthcare funds of the company, invests majorly in leading biosciences and healthcare companies.