Luye terminates equity deal with Beijing Jialin

Luye Pharma Group Ltd. (HKSE:2186) terminated its proposed acquisition of a majority stake in Beijing Jialin Pharmaceutical Co. Ltd. (Beijing, China). The company did not disclose reasons for terminating the acquisition, which was contingent on several conditions.

In August 2014, Luye had announced plans to acquire a 58% stake in Beijing Jialin from shareholders Mylin Holding Group Co. Ltd. (Beijing, China) and Beijing CITIC in a tranched RMB3.7 billion ($599 million) cash deal. Luye had said the deal would supplement its existing cardiovascular product portfolio and sales and marketing network (see BioCentury Extra, Aug. 28, 2014). ...