Luye Pharma Group Ltd., backed by CITIC Private Equity, has agreed to acquire the advanced transdermal drug delivery systems business from Swiss-based pharmaceutical company Acino for €245 million, according to a company announcement.
The business unit being acquired is focused on categories such as central nervous system, pain and hormone space, including Rivastigmine, Buprenorphine, Fentanyl drugs and fertility control patches.
"As we execute our international strategy, this transaction serves as an important milestone," says Yehong Zhang, chief executive of Luye Pharma (International). "This acquisition will significantly enhance Luye Pharma’s international capabilities and accelerate its penetration into broader therapeutic areas and geographies."
For Acino, the divestment allows the company to focus on growth in its key markets, says the statement.
CITIC Private Equity owned 5.92% of Luye Pharma Group, unchanged from 2014, according to the company’s 2015 annual report.
Value Partners, Singapore’s GIC, CDH Investments and Norther Trust Company, all of which owned over 5% of Luye Pharma Group in 2014, have reduced part or all of their holdings and do not appear as the company’s substantial shareholders in its latest annual report.