Week in Review: BGI Tech To Stage Hong Kong IPO

by Richard Daverman, PhD

March 1, 2014 --BGI Tech, the contract sequencing division of Shenzhen genomics sequencing company BGI, is planning a $400 million IPO in Hong Kong late in 2014; Bayer AG will acquire Dihon Pharmaceutical Group of China, a OTC and TCM healthcare products company; Shanghai Shyndec Pharma will purchase the 30% stake in Sinopharm Rongsheng it doesn’t already own for $48.8 million; Shanxi Taxus Pharmaceutical will pay $5 million to acquire an 80%-90% stake in an unnamed California therapeutics company; Essex Medipharma signed an agreement with Pfizer to be the exclusive importer and distributor in China for two types of Pfizer eye drops; China introduced new M&A review procedures that will shorten approval times for “simple” transactions to 30 days; and China's pharmaceutical output in 2013 rose 18% to $355.4 billion, while profits were up 17.6% at $36 billion. More details….

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