The Hong Kong-based private equity firm PAG, which has $30bn in assets under management, has already made two recent investments in China’s biotech sector. Now, the Asia-focused investment group is paying $540m for a 58% stake in Hisun BioRay, the newly established biotech and biosimilars arm of major Chinese state-run generic company Zhejiang Hisun Pharmaceutical Co. Ltd.
Hisun Pharma said it had been in talks with more than 40 potential investors over the sale of a controlling stake in BioRay, set up just nine months ago, highlighting the keen financial interest in China’s life sciences sector