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China Biologic to acquire 80% stake in PW Medtech unit

China Biologic Products Holdings Inc. said it will acquire PW Medtech Group Ltd.'s 80% equity interest in Tianxinfu (Beijing) Medical Appliance Co. Ltd.

China Biologic will issue 5,521,000 ordinary shares to PW Medtech in return for the equity in Tianxinfu. As a result, PWM will end up owning a 16.66% share in China Biologic.

The transaction is expected to close this year.

PW Medtech recently sold a 20% stake in Tianxinfu to Xinyu Yongshuo Management and Consulting LLP and was considering a spinoff and separate listing of the entity on the Shenzhen or Shanghai stock exchanges.