CSPC Pharmaceutical Group Ltd. agreed to acquire Hong Kong-based Yong Shun Technology Development Ltd. for about 252.9 million yuan.
CSPC unit Dragon Merit Holdings Ltd. will acquire all issued shares of Yong Shun, subject to certain conditions.
Yong Shun is developing monoclonal antibodies, which target specific tumor antigens, and immunotherapies for different types of cancer. Two of its antibodies — JMT101, a potential treatment for metastatic colon cancer, and JMT103, for the prevention of bone-related issues in patients with certain types of cancer — have been approved by China's National Medical Products Administration for human trials.
CSPC said the deal is in line with its strategy to seek acquisition targets with strong research and development capabilities in the biopharmaceutical drug market.
China-based CSPC Pharmaceutical operates through three major business segments: innovative drugs, common generic drugs and bulk drugs.
As of Jan. 7, US$1 was equivalent to 6.85 yuan.