Harbin Gloria selling stake in biotech unit

Harbin Gloria Pharmaceuticals Co. Ltd. (SZSE:002437) said Friday it plans to sell a 51% stake in biotech subsidiary Guangzhou Gloria Biotechnology Co. Ltd. (Guangzhou, China) to 6 Dimensions Capital, Boyu Capital and two other investors.

The investors, which also include Suzhou Tonghe Phase II Venture Capital Partnership and Suzhou Kington Capital Co. Ltd., will purchase new shares for RMB181 million ($27 million). Harbin Gloria will invest RMB174 million ($26 million) and hold the remaining 49%...