China’s Fosun Will Take on Pfizer with Pneumoccocal Vaccine Bet
- Fosun invests in local company focused on bacterial infections
- Stake follows floundering BioNTech deal for Covid vaccine
Source: VCG/Visual China Group/Getty Images
This article is for subscribers only.
Shanghai Fosun Pharmaceutical Group Co. acquired a majority stake in a Chinese biotechnology company that’s developing a rival to Pfizer Inc.’s Prevnar, the highest-grossing immunization on the market before Covid vaccines were launched.
Fosun bought 32.52% of Chengdu Antejin Biotech Co. for 1.11 billion yuan ($173.9 million) from its existing shareholders, then agreed to fold in its vaccine unit -- Dalian Aleph Biomedical Co. -- at a value of 2.9 billion yuan ($454.2 million), the company said in a Hong Kong Stock Exchange statement. Fosun will hold about 73% of the enlarged company once the deal is complete.