Hepalink To Acquire Cytovance BiologicsBy
Hepalink USA Inc, the US subsidiary of Shenzhen Hepalink Pharmaceutical Co., Ltd., a global supplier of heparin sodium, has agreed to acquire Cytovance Biologics Inc., a contract biologics manufacturer based in Oklahoma City, Oklahoma, for $205.68 million in cash plus certain contingent payments.
Hepalink’s wholly owned US subsidiary, Hepalink USA, will acquire 100% of the equity interest of Cytovance Biologics Inc. Upon consummation of the acquisition, Hepalink will hold 100% of the equity interest indirectly through Hepalink USA. The transaction is expected to close in October 2015 following regulatory approval, at which point Cytovance Biologics Inc. will become a fully consolidated subsidiary of Hepalink USA Inc. When the transaction is completed, the Cytovance management will remain in place as will its 178 employees in the United States.
Hepalink’s investment will accelerate Cytovance’s expansion plans, which include the addition of 5,000-L and 10,000-L mammalian reactors and 1,000-L and 5,000-L microbial fermentors as well as increased analytical capabilities, process development, and process characterization capabilities. The move also adds to Shenzen’s US portfolio, which includes Wisconsin-based Scientific Protein Laboratories LLC, a supplier of pancreatic enzymes, heparin, and its analogs.
Source: Cytovance Biologics