Asia-focused PE firm PAG has purchased a majority stake in Hisun BioRay, the biotech division of Chinese state-owned generic company Zhejiang Hisun Pharmaceutical, for $540m, boosting its presence in a nascent, fast-growing segment of the country’s drug industry.
The Hong Kong-based private equity firm PAG, which has $30bn in assets under management, has already made two recent investments in China’s biotech sector. Now, the Asia-focused investment group is paying $540m for a 58% stake in Hisun BioRay, the newly established biotech and biosimilars arm of major Chinese state-run generic company Zhejiang Hisun Pharmaceutical Co. Ltd.
Hisun Pharma said it had been in talks with more than 40 potential investors over the sale of a controlling...
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