HONG KONG, May 22, 2015 - (ACN Newswire) - A consortium (the "Consortium") consisting of China Everbright Limited ("CEL", Stock Code: 165.HK)'s healthcare fund, Fosun Pharma, HOPU Investments and WuXi PharmaTech announced that the Consortium has signed a merger agreement pursuant to which the Consortium will acquire Ambrx Inc. ("Ambrx").The transaction is expected to close in the second quarter of 2015, subject to receipt of certain regulatory approvals and satisfaction of customary closing conditions.
Ambrx is a clinical-stage biotechnology company focused on discovering and developing first-in-class and best-in-class optimized protein therapeutics known as bio-conjugates. Its proprietary technology platforms enable attachment of pharmaceutically active molecules to specific sites within proteins more precisely than prior generations of bio-conjugates. Ambrx has developed a pipeline of novel product candidates that include antibody drug conjugates, or ADCs, bi- and multi-specific drug conjugates and long-acting therapeutic proteins. ADCs are expected to be one of the most important areas of monoclonal antibody development, especially in targeted therapies for oncology, an area where Ambrx has a strong pipeline. Ambrx's most advanced internally developed product is a site-specific ADC targeting Her2-positive breast cancer.
In addition to its pipeline, Ambrx collaborates with leading pharmaceutical companies, including Bristol-Myers Squibb, Merck, and Eli Lilly, on a series of projects including ADCs-oncology, bi-specific drug conjugates and long-acting therapeutic proteins. Ambrx's most advanced collaboration product candidate in human health is ARX618, a long-acting fibroblast growth factor 21 for type 2 diabetes, for which collaboration partner Bristol-Myers Squibb is conducting Phase 2 clinical trials in the United States. To date, collaborations have provided Ambrx with over a hundred million US dollars in funding.
Mr. Chen Shuang, CEO of CEL said, "This collaboration brings together resources from leading China-based pharmaceutical enterprises and leading U.S.-based innovators in biologics development, together with the financial resources and networks from CEL, which will result in a great synergy. Upon completion of the acquisition, Ambrx will obtain quality resources from its Chinese partners, so as to further advance the technical innovation of their research center based in the U.S., and to establish a global product development center based in China. We believe that, with the support of the cooperation partners, Ambrx's business will expand rapidly in China."
About China Everbright Limited
China Everbright Limited ("CEL", stock code: 165.HK) has woven huge cross-border social and business networks in Hong Kong and the Mainland. CEL, being a member of China Everbright Group, is a diversified financial services enterprise operating in Hong Kong and Mainland China. It is the second largest shareholder of Everbright Securities (stock code: 601788.SH) and third largest shareholder of China Everbright Bank (stock code: 601818.SH, 6818.HK) in the Mainland.
Established in 1997 at Hong Kong, CEL persistently pursues its "Macro Asset Management" strategy, with specific focuses being placed on fund management and investment businesses, namely Primary Market Investment, Secondary Market Investment and Structured Financing and Investment.
Moreover, being a substantial shareholder of China Aircraft Leasing Company Limited, CEL is actively developing aircraft leasing business in China and emerging markets. In addition, by leveraging the advantages in cross-border fee-based business of an associate, Everbright Securities, CEL also participates in the development of investment banking (corporate financing) and brokerage services (wealth management) businesses in Hong Kong.
Over the past years, CEL has developed solid bases in various sector markets. It manages series of private equity funds, venture capital funds, sector focus funds and hedge funds as operated via an international management platform, and provides overseas investors with opportunities to explore and invest in companies with fast growing potential in the Mainland China. On the other hand, CEL also seeks investment opportunities from overseas and provides diversified financial services for its clients in Mainland China. As of 31 December 2014, CEL's asset under management reached over HK$50.3 billion, with a total of 24 funds.
Through upholding the philosophy of "Making Wealth Simple", CEL leverages on its own substantial financial strength, as well as the position and influence of China Everbright Group and its affiliated companies in the financial industry in China, and has successfully built huge cross-border social and business networks in Hong Kong and the Mainland, and established a reputable image in the market. For more information on CEL, please visit www.everbright165.com
CEL Healthcare Fund focus on leading healthcare/life science companies with a defendable competitive position, an excellent prospect of expandable platform, and a good fit with the great resources and market potential that China has to offer. The CEL team has extensive experiences and network in the healthcare sector in China and US.
About Fosun Pharma
Shanghai Fosun Pharmaceutical ("Fosun Pharma"), a leading healthcare company in China,which was established in 1994 ,has been listed on the Shanghai Stock Exchange since August 1998 and on the Main Board of the Stock Exchange of Hong Kong Limited since 2012 ( stock code: 600196-SH,02196-HK). Fosun Pharma strategically covers important segments of the healthcare industry value-chain, including pharmaceutical manufacturing, pharmaceutical distribution and retail, healthcare services, diagnostic products and medical devices. Fosun Pharma maintains a National Recognized Enterprise Technology Centre and a highly capable international R&D team, focusing on innovation and research in therapeutic areas including cardiovascular system, metabolism and alimentary system, central nervous system, blood system, anti-infection and anti-tumor. With its commitment to innovation for good health and creating a better future, Fosun Pharma will continue insisting on the strategic development approach of "Organic Growth, Coupled with M&A and Integration". The Company strives to be one of the first-class enterprises in the global healthcare market. Click here for more information: www.fosunpharma.com.
About WuXi PharmaTech
WuXi PharmaTech (NYSE: WX) is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides pharmaceutical, biotechnology, and medical device companies with a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi is also building a platform to provide clinical diagnostic services directly to physicians and their patients globally. WuXi PharmaTech's services are designed to help its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. The operating subsidiaries of WuXi PharmaTech are known as WuXi AppTec. For more information on WuXi's biologics services, please visit: www.wuxiapptec.com.
About HOPU Investments
HOPU Investments is a private equity firm focusing on China-related investment opportunities. With offices located in Beijing, Hong Kong, and Singapore, HOPU's Team has unique expertise in investment, financing and capital market, as well as diverse experiences working with State Owned Enterprises and private entrepreneurs.
HOPU's key investment focus is to create, develop and pursue investment opportunities that are driven by China's ongoing economic reforms and developments, in particular in healthcare, technology, consumer, energy, mining, agriculture and financial services sectors.
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Topic: Press release summary
Source: China Everbright Ltd
Sectors: Daily Finance, BioTech
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