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Zhejiang Hisun sells controlling stake in biosimilar unit to PAG for 3.8B yuan

Zhejiang Hisun Pharmaceutical Co. Ltd. is selling a controlling stake in its unit Hisun BioRay Bio-pharmaceutical Co. Ltd. to PAG for 3.8 billion Chinese yuan.

Hong Kong-based buyout firm PAG will acquire 58% of the unit, while China's Zhejiang Hisun Pharmaceutical will retain a 42% stake.

Hisun BioRay manufactures and sells biosimilars, or low-cost versions of biologic therapies. Among Hisun BioRay's products is Anbainuo, a biosimilar to Amgen Inc.'s arthritis drug Enbrel.

Hisun BioRay, established in January, is also planning to launch Anjianning, a biosimilar to AbbVie Inc.'s top-selling anti-inflammatory drug Humira, around the end of 2019.

As of Sept. 6, US$1 was equivalent to 7.12 Chinese yuan.