Luye Pharma Stops $1 Billion Acquisition Of Beijing Jialin

Luye Pharma of Shandong Province terminated its $1 billion agreement to buy Beijing Jialin Pharma, without giving any explicit reason for its dramatic change of heart. After Luye concluded its $746 million IPO in Hong last summer, the company struck two separate deals to acquire Jialin soon after. It seemed as though the acquisition was the unspecified purpose behind the IPO. Now, describing itself as "prudent," Luye has abandoned the transaction, implying the expected returns did not justify the risk.

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