Shanghai, May 22, 2015 - (ACN Newswire) - A consortium (the "Consortium") consisting of entities affiliated with Shanghai Fosun Pharmaceutical Group ("Fosun Pharma" or the "Company"; stock code: 600196-SH,02196-HK), HOPU Investments, China Everbright Limited's healthcare fund, and WuXi PharmaTech announced today that the Consortium has signed a merger agreement pursuant to which the Consortium will acquire Ambrx Inc. 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.
Chairman of Fosun Pharma, Mr. Chen Qiyu said, "This joint acquisition combining Fosun Pharma's current R&D system and platform will result in great synergy. After the acquisition, Ambrx will obtain quality resources from its Chinese partners, so as to further advance the technical innovation of their research center which is based in the U.S., and to establish a global product development center based in China. We believe that, under the help of Fosun Pharma, Ambrx's business expanding in China will enable Chinese patients to get faster access to innovative therapeutic drugs."
Mr. Chen Qiyu further expressed, "this is a multi-win collaboration which brings together resources from leading China-based pharmaceutical enterprises and leading U.S.-based innovators in biologics development. For Chinese patients, it really is good news. Fosun Pharma hopes to continuously bring Chinese patients the world's most advanced medicines and treatment."
It is reported that, currently, the Company has an internationalized R&D deployment in place with strong R&D capability. The Company has established an interactive integrated R&D system located in Shanghai, Chongqing, and San Francisco, with an efficient R&D platform in the fields of small molecule innovative chemical drugs, macromolecular biosimilars, generic drugs of high difficulty, characteristic formulations, etc. Shanghai Henlius, a research and development platform of Fosun Pharma for macromolecular biosimilars, completed the registrations of clinical applications for five categories of monoclonal antibodies and seven types of indications.
"We are excited to advance Ambrx's development programs and technologies with members of the Consortium," said Ambrx's CEO and President Lawson Macartney, Ph.D., FRCPath. "I would like to thank Ambrx's employees and partners for their dedicated efforts to bring important new therapies to patients."
About Shanghai Fosun Pharmaceutical (Group) Co., Ltd.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 PharmaTechWuXi 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: http://www.wuxiapptec.com/biologics.html.
About HOPU InvestmentsHOPU 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.
About China Everbright LimitedChina Everbright Limited ("CEL", Stock code: 165.HK), a member of China Everbright Group, is a publicly-listed diversified financial services enterprise focusing on asset management and investment businesses. It manages series of private equity funds, venture capital funds, sector focus funds and hedge funds, providing cross-board investment management services for overseas investors to invest in companies with fast growing potential in the Mainland China. CEL also seeks investment opportunities from overseas and provides diversified financial services for its clients in Mainland China. Total assets under management have reached USD $6.8 billion as of 12/31/2014.
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.
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