(Reuters) -Hong Kong-listed Sino Biopharmaceutical said on Tuesday it will buy the remaining 95.09% stake it does not hold in Shanghai-based LaNova Medicines for no more than $950.92 million.
The firm had already bought a 4.91% stake in LaNova in November last year, paying around 142 million yuan ($19.80 million) at the time.
Once the deal is completed, LaNova will become an indirect wholly-owned subsidiary of the company, Sino Biopharmaceutical added in its statement. Deal completion is set to take place within 30 business days after all regulatory conditions have been satisfied.
LaNova Medicines was founded in 2019, specialising in discovering and developing antibody-based cancer treatments, according to details mentioned on their website.
($1 = 7.1729 Chinese yuan renminbi)
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
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