
KKR agrees China pharmacy acquisition

KKR has agreed to acquire a majority stake in Chinese pharmacy chain Ruirentang Pharmaceutical Group, according to a filing by a local regulator.
Shanghai Administration for Market Regulation, part of a government agency responsible for issues relating to market competition, monopolies, intellectual property, and drug safety, said it is reviewing the proposed purchase of an 80% interest in Ruirentang. The company is currently controlled by an individual shareholder.
KKR’s existing China investments include Suzhou Quanyi Health Pharmacy Chain, which operates a network of more than 2,300 stores across four provinces. Local private equity firm CoStone Capital established the business with several pharmacy industry professionals in 2016 and exited its position to KKR in 2021.
AVCJ Research’s records indicate that Huatai Zijin Investment committed CNY 100m (USD 14.5m) to Ruirentang in 2017 in what was billed as a pre-IPO deal.
The company was founded in 1995 in Zhejiang province and is said to operate pharmacies offering a combination of traditional Chinese medicines and Western drugs. It also runs medical clinics as well as an e-commerce platform. Ruirentang’s national market share is less than 15%, the filing said.
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