Week In Review: Sinocare Eyes $4 Billion Deal For J&J Diabetes Device Business

Sinocare (SHZ: 300298), a diabetes company based in Changsha, may bid as much as $4 billion to acquire Johnson & Johnson's (NYSE: JNJ) diabetes medical device subsidiaries (see story). With falling revenues, some of J&J's diabetes-focused companies are exiting from the US market because they can no longer compete and revenues are falling. Sinocare is backed by China Jianyin Investment (JIC), a unit of sovereign wealth fund China Investment Corp, according to sources cited by Reuters, who also said Sinocare has hired an advisor to work on a bid.  

China’s Ping An Insurance Group (SHA: 601318; HK: 2318) raised nearly $1 billion in a pre-IPO round for Ping An Healthcare Management, an open platform for healthcare services such as medical treatment, social health insurance (SHI) and drug distribution (see story). The funding values the business at $8.8 billion. Ping An Healthcare Management plans a Hong Kong IPO later in 2018. It will follow an IPO, also in Hong Kong, for Ping An Good Doctor, a mobile site that provides diagnosis and schedules doctor visits. Reuters, which released the news, said PingAn did not confirm the reports.  

BeiGene (Nasdaq: BGNE), a Beijing innovative cancer biotech, raised a spectacular $750 million in a secondary offering of its shares (see story). The price of the shares ended the session 13% higher after the funding was announced, closing the day at $115.56. BeiGene now has a market capitalization of $4.8 billion -- before the new shares are issued. In 2016, BeiGene staged a $158 million IPO on the Nasdaq exchange, pricing at $24 per share. To date, the company has raised almost $1 billion, including the IPO, a $200 million secondary offering, and Celgene's (Nasdaq: CELG) $236 million payment plus $150 investment in BeiGene shares for ex-China rights to BeiGene's PD-1 candidate.  

Innovent Biologics of Suzhou is planning a pre-IPO round and then an IPO for $200 million in late 2018 (see story). The venue will be either aUS or Hong Kong exchange, according to Bloomberg. Innovent is developing an ambitious portfolio of biosimilar and novel biotech cancer drugs.One year ago, the company completed a $260 million D round. In 2015, Innovent struck an over-$1 billion deal with Lilly (NYSE: LLY), which includes three PD-1 candidates and up to six other biologic drugs. Innovent is expected to seek a valuation of over $1 billion in its IPO.  

1 2 3
View single page >> |

Disclosure: None

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.