Deals and Financings

Cayman Islands-based WuXi healthcare Ventures Fund II, L.P. has filed paperwork with the US sec for a $250 million life sciences venture fund (see story). In March 2015, WuXi AppTec's (NYSE: WX) board of directors decided to commit up to $50 million as an anchor investment for WuXi Healthcare Ventures Fund II, with an additional $200 million to come from outside investors (see WuXi Form 20-F). In 2011, WuXi AppTec started its original WuXi Venture Fund with $50 million. By the end of 2014, it had invested $36.1 million in 18 life science companies and recognized gains of $16.6 million on exits.  

Zhongzhi Pharma Holdings (HK: 3737) raised $73 million in a Hong Kong IPO (see story). Located in Zhongshan, Guangdong province, the company makes patented TCM drugs under three brand names: Zeus, Liumian and Caojinghua, It also owns a chain of 201 Zeus pharmacies that sell its own products along with other companies' offerings. Because of the weakness in China's and Hong Kong's markets, the shares fell about 3% in the first day of trading.  

Phoenix Healthcare (HK: 1515), a company with a portfolio of private hospitals in the Beijing area, paid $23.2 million for a 20% stake in UMP Healthcare (see story). UMP operates out-patient clinics, mainly in Hong Kong, but also in Shanghai, Macau and Beijing. In addition, the two companies will form a 50-50 joint venture to build clinics in the Beijing-Tianjin-Hebei region. Initially, the JV will build three clinics in Beijing, with plans to have at least 10 facilities over the longer term.  

Frontage Labs, a US-China CRO majority owned by Hangzhou Tigermed (SHE: 300347), acquired BDM Consulting of Summerset, N.J., a biostatistics firm (see story). The price was not disclosed. Tigermed already owned a 55% interest in BDM; so Frontage's purchase of a 45% stake gives it and Tigermed exclusive co-ownership. Frontage offers pre-clinical and clinical CRO services in the US and China, while Tigermed is a China clinical-stage CRO.