ARTICLE | Company News
Biotest's Chinese takeover tripped up by U.S. security concerns
November 10, 2017 8:45 PM UTC
Biotest AG (Xetra:BIO) said on Nov. 7 that it withdrew its application for U.S. approval of a takeover bid by Tiancheng Pharmaceutical Holdings AG (Munich, Germany) after the Committee on Foreign Investment in the United States (CFIUS) said the proposed deal structure raises "U.S. national security concerns" that "can not be resolved." Biotest did not disclose the nature of the concerns.
Tiancheng agreed to acquire Biotest in April in a cash deal that the companies said gives Biotest an enterprise value of €1.3 billion ($1.5 billion), including net debt. Tiancheng is an indirect subsidiary of Chinese investment group Creat Group Corp. (Beijing, China)...
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