Warburg Pincus in partial exit from China Biologic
Warburg Pincus has raised $241.5 million by reducing its stake in US-listed biopharmaceutical developer China Biologic Products.
According to a regulatory filing, the private equity firm sold 2.3 million shares at $105 apiece, with the transaction to close on June 15. The sale will reduce its stake in the company from 42.8% to 33.6%. China Biologic has sold 700,000 additional shares.
Additionally, underwriters have 30 days to decide whether to buy an additional 345,000 shares from Warburg Pincus and an additional 105,000 shares from the company at the same price. That would raise the firm's take to $277.7 million.
China Biologic, headquartered in Beijing, 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.
Warburg Pincus first invested in China Biologic in 2010, and has increased its stake in the company several times since then.
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