Chinese consortium to acquire Ambrx

A consortium consisting of Shanghai Fosun Pharmaceuticals Group Co. Ltd. (Shanghai:600196; HKSE:2196), WuXi PharmaTech Inc. (NYSE:WX), HOPU Investments and China Everbright Ltd.'s healthcare fund agreed to acquire Ambrx Inc. (La Jolla, Calif.) for an undisclosed amount. China Everbright said the deal will allow Ambrx to establish a global product development center and expand its business rapidly in China.

Ambrx is developing a pipeline of antibody-drug conjugates, bispecific and multi-specific drug conjugates, and long-acting proteins. The company has received more than $200 million from partnerships with pharmas including Bristol-Myers Squibb Co. (NYSE:BMY), Merck KGaA (Xetra:MRK) and Eli Lilly and Co. (NYSE:LLY). ...