MELBOURNE, Australia--Australian biotechnology firm CSL Ltd. (CSL.AU) has struck a deal to buy control of a plasma-derived therapies manufacturer in China from Humanwell Healthcare Group Co. (600079.SH) for US$352 million.
CSL said Tuesday it would buy an 80% stake in Wuhan Zhong Yuan Rui De Biologics, or Ruide, giving it a foothold in China's domestic plasma fractionation market that would complement the position of its CSL Behring unit as a provider of imported albumin in China.
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Ruide develops and manufactures plasma-derived products such as albumin and immunoglobulin for intravenous injection. The company also has a pipeline of multiple coagulation-factor products that it plans to launch in the coming years, plus four plasma collection centers and one manufacturing facility in Wuhan, central China, CSL said.
Ruide's total revenue in 2016 was about US$30 million, it said.
CSL, whose portfolio includes products for treating haemophilia and immune deficiencies, said the acquisition would be funded from existing debt facilities.
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(END) Dow Jones Newswires
June 12, 2017 19:03 ET (23:03 GMT)