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Luye Pharma Buys Majority Stake In Beijing Jialin For $599 Million



8/29/2014 1:31:13 PM

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August 29, 2014 -- Luye Pharma of China will pay $599 million to acquire a 58% stake in Beijing Jialin Pharmaceutical Co., a company that makes drug products for cardiovascular diseases and cancer. In 2013, Jialin produced $185 million of revenue. Last month, Luye staged a $764 million IPO in Hong Kong, and the shares have risen 41% since the IPO. According to Luye, the deal will add to its portfolio of cardiovascular drugs and broaden its sales network.

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