PAG Pays $540 Million for Majority Stake in Hisun BioRay, a Biologics Company

PAG Hisun BioRay biologics
Published on: September 7, 2019

Following a bidding war, Hong Kong private equity firm PAG will pay $540 million to acquire a 58% stake in Hisun BioRay, a biologics company with a focus in autoimmune and oncology drugs. It is the largest private equity deal in China biopharma this year, according to the companies. BioRay is the biologics subsidiary of Zhejiang Hisun Pharma, a company that specializes in generic drugs and APIs. BioRay already markets an autoimmune treatment in China and is developing ten other biologics.

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