4:28 PM
 | 
Jul 11, 2018
 |  BC Extra  |  Company News

Ally Bridge invests in Tasly Biopharmaceuticals

Tasly Biopharmaceuticals Co. Ltd. (Shanghai, China) said Wednesday it issued 75.7 million new shares, representing about 7% of the company, as it prepares for a possible IPO.

The investors, which include Ally Bridge LB Healthcare Fund, Pudong Technology (Cayman) Co. Ltd., BOCOM International Holdings Co. Ltd. (HKSE:3329) and Grand Riches Jiaheng Investment Holdings Ltd., contributed $84.5 million in cash in exchange for 4.46% of Tasly's pre-IPO capitalization. The issuance also includes shares transfered to Transgene S.A. (Euronext:TNG) in exchange for $48 million in equity as part of a deal to secure Tasly Biopharmaceuticals’ full ownership of a Transgene-Tasly JV (see ‘Tasly Biopharmaceuticals Gains Control of JV Ahead of Possible IPO’).

On a conference call Tuesday, Transgene Chairman and CEO Philippe Archinard said Tasly Biopharmaceuticals’ IPO is expected this year or early in 2019.

In 2015, an investor syndicate led by Ally Bridge and Chairman and CEO Ge Li took WuXi PharmaTech Inc. private in a $3.3 billion deal. It had been traded on the New York Stock Exchange.

Tasly Biopharmaceuticals is a subsidiary Tasly Pharmaceutical Co. Ltd. (Shanghai:600535), which was up RMB0.82 to RMB26.37 on Wednesday.

User Sign in

Trial Subscription

Get a 4-week free trial subscription to BioCentury Extra

Article Purchase

Purchase this article for limited one-time distribution and website posting

$750 USD