PW Medtech and China Biologic Announce Major Share Swap Transaction
On October 12, 2017, PW Medtech Group Limited, a China-based company principally engaged in the development, manufacturing, and sale of regenerative medical biomaterial and advanced infusion products, announced that it has entered into a share exchange agreement with China Biologic Products Holdings (Nasdaq: CBPO), a leading fully integrated plasma-based biopharmaceutical company in China. Wilson Sonsini Goodrich & Rosati is acting as U.S. and Hong Kong counsel to PW Medtech in the transaction.
Pursuant to the share exchange agreement, PW Medtech subscribed for 5,521,000 ordinary shares of CBPO in consideration of the entire issued share capital of Health Forward, at a total value of approximately $513.5 million (equivalent to approximately RMB3.4 billion) with a subscription price of $93.00 per CBPO share. Health Forward currently owns 80 percent equity interest in Beijing Tianxinfu, the the largest manufacturer of artificial dura mater in China. Upon closing of the proposed transaction, PW Medtech is expected to become the single largest shareholder of CBPO, holding approximately 16.66 percent of the enlarged issued share capital of CBPO. PW Medtech also will be entitled to designate one director to the CBPO board of directors.
Click here to read PW Medtech’s press release.