Luye Pharma Group has agreed to buy a subsidiary of Swiss counterpart Acino, becoming the latest Chinese healthcare company to look overseas for expansion.
Luye Pharma, backed by Singapore’s sovereign wealth fund GIC, is buying a branch of Acino that makes transdermal drug delivery systems TDS, or patches. The 245 million $270 million acquisition means Luye is about to control one of the largest TDS manufacturers in Europe.
The deal is Luye Pharma’s first offshore acquisition since its listing in Hong Kong in 2014. But it comes at a time when China’s healthcare industry has been undergoing widespread change, from mass-producing...
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