Deals
China's Luye Group Said to Join Fray for Drugmaker Ethypharm
- French drugmaker received interest from other Chinese firms
- Winning offer for Ethypharm may be chosen before the summer
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Luye Group Ltd., which controls a Chinese drugmaker and health-care provider, is among bidders for French pharmaceutical company Ethypharm, people familiar with the matter said. Shares of Luye’s listed arm plunged.
The sale of Ethypharm, owned by private-equity firm Astorg Partners, has also attracted interest from other Chinese companies looking to expand in Europe, the people said, asking not to be identified because the process is private. Astorg is working with financial adviser Rothschild on the sale of Ethypharm, which may fetch 700 million euros ($785 million) to 800 million euros, people familiar with the matter said in October.