In a team led by Partner, Tim Flahvin and Senior Associate, Venks Ananthakrishnan, we advised on the takeover of Singapore based biopharmaceutical company SciGen Ltd (ASX:SIE), by China’s Yifan Pharmaceutical Co, in a deal valued at roughly $28 million. We advised both SciGen and Yifan on the Australian elements of the transaction.
The takeover was effected with the cooperation of SciGen’s controlling shareholder, Warsaw Stock Exchange listed company, Bioton S.A..
Established in 1988, SciGen focuses on endocrinology, gastroenterology and immunology, and it produces human insulin for treatment of different types of diabetes. Yifan had been seeking to enhance its research and production capacity of insulin products, and this purchase grants it access to SciGen’s portfolio of products (including insulin), and its well-established sales network covering more than 20 countries and regions, especially in the Asia-Pacific region. In April this year, Yifan acquired Hong Kong based insulin developer Summitbiotech Co. for $39 million.
Diabetes is emerging as a national health crisis in China, with half of the country’s population having either diabetes or pre-diabetes, according to a study by the Journal of the American Medical Association.