(Yicai Global) Aug. 14 -- Two leading Chinese pharmaceutical companies have announced their bid intention to buy into US drug maker Arbor Pharmaceuticals LLC.
Shanghai Fosun Pharmaceutical (Group) Co. [SHA:600196] (Fosun Pharma) and Shanghai Pharmaceuticals Holding Co. [SHA:601607] (Shanghai Pharma) separately announced today their plans to buy holdings in Arbor.
Shanghai Pharma submitted a non-binding bid on July 19, it confirmed in its announcement. It is unable to disclose specifics as the non-binding offer is still in a non-exclusive bidding phase, so many uncertainties remain and such specifics involve business secrets, as well as the bid procedure's confidentiality requirements, Shanghai Pharma stressed.
Fosun Pharma's wholly-owned subsidiary Fosun Industrial (Hong Kong) Co. has also tendered a non-binding bid for a slice of Arbor, it also said today.
Founded in 2010 and based in Atlanta, Georgia, USA, Arbor researches, develops and produces specialty prescription drugs for, e.g. cardiovascular, neurological and pediatric diseases and for inpatients, as well as generic drugs.
A successful bid for a share in Arbor will improve its drug manufacturing and development, and enable it to become more international, Fosun Pharma said.