Sino Biopharmaceutical buys Hygieia

Hong Kong-listed Sino Biopharmaceutical (HKEX: 1177) is to buy fellow Chinese firm Hangzhou Hygieia Biomedical (HKEX: 6078) for a fee of up to 1.2 billion yuan ($172.04 million).

The sum will be paid on a part-cash and part shares basis, with Hygieia becoming an indirect wholly-owned subsidiary of Sino.

Hygieia is involved in the research and development of innovative drugs for small interfering ribonucleic acids (siRNAs) and has established an integrated innovative drug development system spanning from target discovery to clinical proof-of-concept (POC). It has a strategic focus on three major chronic disease areas, weight management and metabolism, cardiovascular and cerebrovascular diseases and neurological disorders.