Warburg Pincus to make partial exit from China Biologic
Warburg Pincus has agreed to make another partial exit from China Biologic Products, a US-listed bio-pharmaceutical developer, generating proceeds of about $308 million.
According to a filing, Warburg Pincus is offloading 2.77 million shares of the company, or a 10.4% stake, at $111 apiece. Following the transaction, which is expected to close around June 8, the private equity firm will hold a 5% stake in China Biologic.
Beijing-headquartered China Biologic develops products based on human plasma that it collects from stations across China. These products include anticoagulants and immune treatments for use in medical emergencies and disease prevention.
Revenue came to $296 million last year, up from $100 million in 2014, while its net profit rose to $89 million from $71 million during the same period.
Warburg Pincus first invested in China Biologic in 2010, and has increased its stake in the company several times since then. In June last year, the GP raised $241.5 million through selling 2.3 billion shares.
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