- CSL to acquire an 80 per cent stake in
plasma-derived therapies manufacturer Wuhan Zhong Yuan Rui De Biologics
("Ruide") in China for US$352 million
- Ruide has a broad portfolio of domestic plasma
products, with a manufacturing facility and four plasma collection centres
- The Chinese plasma therapeutics market is growing at
approximately 15 per cent each year
- The transaction will complement CSL's leadership
position in China as a supplier of albumin and better serve patients with rare
and serious diseases in this important high growth market
MELBOURNE, Australia, June 12, 2017 /PRNewswire/ --
CSL Limited (ASX:CSL; USOTC:CSLLY) announced today that it has agreed to
acquire 80 per cent equity of plasma-derived therapies manufacturer Wuhan Zhong
Yuan Rui De Biological Products Co. Ltd. ("Ruide") from Humanwell
Healthcare Group Co. Ltd. ("Humanwell"; Shanghai exchange:
600079) for US$352 million. The transaction will provide CSL with a strategic
presence in the Chinese domestic plasma fractionation market and complements
the leadership position that its CSL Behring business has built over the past
20 years as a provider of imported albumin in China.
Ruide develops, manufactures and commercialises
plasma-derived products for the Chinese domestic market. This includes albumin,
immunoglobulin (Ig) for IV injection, as well as several hyperimmune Ig
products. The company also has an advanced pipeline of multiple
coagulation factor products that it plans to launch in the coming years,
including plasma-derived Factor VIII. In addition, Ruide owns four plasma
collection centres and one manufacturing facility in Wuhan, Central
China. Ruide's total revenues reached approximately US$30 million in
2016.
CSL Managing Director and Chief Executive Officer, Mr.
Paul Perreault, said, "Humanwell is a leading Chinese healthcare company
with strong capabilities in pharmaceutical manufacturing, sales and
distribution, as well as healthcare services."
"CSL is driven by our promise to save lives and
protect the health of people around the world. This expansion of our footprint
in China through an investment in Ruide supports the delivery of this
promise."
"We will contribute our extensive plasma
manufacturing expertise with a goal to expand and grow plasma collection
capabilities and introduce new products into this high-growth market. In
co-operation with Humanwell, we intend to work closely with local regulators and
the sector to help improve plasma safety and quality, as well as enhance the
plasma donor experience. We will also continue to find ways to extend our
partnership with Humanwell in areas of mutual interest."
Humanwell's Chairman, Dr Wang Xuehai, said, "We
are excited to establish a long-term collaboration with CSL, a global leader in
biopharmaceuticals, particularly in the plasma sector. Combining CSL's advanced
technical capabilities with Ruide's established presence in the Chinese plasma
sector will enable the partners to improve access to innovative therapies for
patients that need them."
A strong foundation to expand CSL's therapeutic
offering in China
China's plasma products market exceeded $3.3 billion
in 2016, with a 15 per cent growth rate for the past five years1.China is also
the fastest growing immunoglobulin (Ig) market in the world, and in volume,
second only to the United States. Improved physician awareness and recent
changes to reimbursement coverage for plasma-derived products such as Ig will
continue to drive strong
demand.
CSL has a long history of delivering plasma-derived
medicines for the treatment of rare and serious diseases. Within the Ruide
joint venture, CSL will have an opportunity to contribute capabilities across
the full range of plasma products currently produced by CSL in markets outside
China.
Transaction & Closing
Under terms of the agreement between the parties, CSL
will be responsible for operational control of Ruide. The agreement includes a
milestone based performance and payment mechanism to enable CSL to increase its
ownership in Ruide over time. Closing of the initial 80 per cent stake is
expected to occur in the second half of calendar year 2017, subject to
regulatory approval by relevant government authorities and Humanwell
shareholders.
The acquisition will be funded through CSL's existing
debt facilities. The current share buy-back program announced at CSL's Annual
General Meeting in October 2016 will not be impacted.
About Humanwell
Humanwell is a fully integrated healthcare solution
provider in China, with growing presence in Southeast Asia, North America and
Africa. It is publically traded on the Shanghai Stock Exchange with revenues in
excess of US$1.7 billion in 2016, and ranked in the top 30 pharmaceutical
companies in China. It has a distribution network covering China with direct
sales to 20,000 medical institutions and 30,000 pharmacies, and operates and
manages multiple hospitals in China.
About CSL
CSL (ASX:CSL; USOTC:CSLLY) is a leading global
biotechnology company with a dynamic portfolio of life-saving medicines,
including those that treat haemophilia and immune deficiencies, as well as
vaccines to prevent influenza. Since our start in 1916, we have been driven by
our promise to save lives using the latest technologies. Today, CSL -
including our two businesses, CSL Behring and Seqirus - provides life-saving
products to more than 60 countries and employs nearly 20,000 people. Our
unique combination of commercial strength, R&D focus and operational
excellence enables us to identify, develop and deliver innovations so our
patients can live life to the fullest.
PR Newswire
Press Release CSL Humanwell Ruide Corporate Affairs
Mergers & Acquisitions
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