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Acquisition of 100% Equity of Suzhou Novartis Pharmaceutical Technology Co., Ltd. by Zhejiang Jiuzhou Pharmaceutical Co., Ltd.
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Xiaojiang “Lawrence” Shu and Chenyang “Arthur” Cang, two of the leading partners in Hylands cross-border transaction practice, assisted Jiuzhou in acquiring 100% of equity interests in PharmAgra Labs, Inc. and PharmAgra Holding Company, LLC. In the U.S.
To further expand CRO R&D business in the European and American markets, Zhejiang Raybow Pharmaceutical Co., Ltd. (“Raybow Pharma”), a wholly-owned subsidiary of Zhejiang Jiuzhou Pharmaceutical Co., Ltd. (“Jiuzhou”), acquires through its wholly-owned subsidiary of Raybow Pharma, Raybow US, which is incorporated in Delaware, USA, 100% of the issued and outstanding shares of PharmAgra Labs, Inc. and 100% of the issued and outstanding equity interest of PharmAgra Holding Company, LLC. (together, the “Target Companies”), at a purchase price of US$ 16 million with its self-raised funds. On September 10, 2019, Raybow Pharma and Raybow US entered into an Equity Purchase Agreement with the shareholders of the Target Companies which are two foreign citizens, Peter Newsome and Roger Frisbee. The transaction was completed on October 23, 2019, upon which Raybow Pharma owns 100% of the shares/equity interest of the Target Companies through Raybow US.
The transaction helps Jiuzhou enhance its capability to provide services regarding pre-clinical research on innovative drugs and the CMO of Phase I clinical APIs in North America. Furthermore, after the completion of the transaction, Raybow Pharma shall acquire the existing customer resources, R&D equipment and technicians and professionals of the Target Companies, realize synergies between the Target Companies and Raybow Pharma. This is conducive to improving the global one-stop service capacity of Raybow Pharma, enhancing the CDMO brand image of Raybow Pharma in the global mainstream market, as well as laying a solid foundation for the rapid development of CDMO business globalization of Raybow Pharma.