Warburg Pincus trims stake in China Biologic
Warburg Pincus has generated $425.7 million by selling an approximately 16% interest in US-listed biopharmaceuticals developer China Biologic Products.
The PE firm sold 3.9 million shares at $110 apiece, according to a statement. A separate filing indicates that Warburg Pincus' stake in China Biologic will fall from 19.1% to 6.3%. Meanwhile, Warburg Pincus' co-CEOs Charles Kaye and Joseph Landy will each reduce their holdings from 31.4% to 18.2%.
The sale represents a continuation of the firm's exit from China Biologic, which included the sale of $241.5 million in common stock last year. It first invested in the company in 2010.
Warburg Pincus has invested around $5.5 billion in more than 90 Chinese companies since 1994. Last month, the firm participated in a $220 million Series B round for D&J Industrial Property, a business park developer which the firm co-founded.
China Biologic develops products based on human plasma that are used as critical therapies during medical emergencies and for treatment of life-threatening diseases. Revenue rose 22% year-on-year in 2015 to reach $296.4 million while net income increased 25.5% to $89 million.
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