SINGAPORE > China based Yifan Pharmaceutical Co. is set to acquire 90% of Singapore based biopharmaceutical company SciGen Ltd

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China based Yifan Pharmaceutical Co. is set to acquire Singapore based biopharmaceutical company SciGen Ltd for approximately $28 million for $0.05 a share to acquire at least 90% of SciGen which is listed in the Australian Stock Exchange. The full takeover would value SciGen at $28 million.

Yifan has signed an agreement with SciGen’s controlling shareholder Bioton SA that owns 93.57 percent of SciGen.

Yifan will gain access to SciGen’s portfolio of bio similar products along with access to network covering 20 countries and regions with a focus in the Asia-Pacific region after becoming the controlling shareholder of SciGen.

If the deal with Yifan goes through, Bioton is expected to waive some of SciGen debt repayments. However the deal will need approval from SciGen’s creditor banks.

Yifan also acquired Hong Kong-based insulin developer Summit biotech Co. for 250 million Yuan ($39 million) as the company seeks to enhance research and production capacity for insulin products as diabetes is emerging national health crisis in China. Half of China has either prediabetes or diabetes according to a study by Journal of the American Medical Association.

About SciGen

SciGen was established in 1988 and it develops markets and sells bio-pharmaceutical products with a special focus on endocrinology, gastroenterology and immunology. SciGen’s intangible assets such as insulin development patents and technology could worth as much as $29.9 million according to KPMG. However SciGen is mounting under debt as of end of 2017, SciGen had total assets of $26.1 million with liabilities of $80 million.

About Yifan

Founded in 1994, Yifan Pharmaceutical Co., Ltd produces and sells drugs and medicines worldwide. Headquartered in China, Yifan It provides drugs across gynecology, pediatrics, orthopedics, and dermatology therapeutic areas; therapeutic infusion solutions; and vitamin B5, D-calcium pantothenate, and panthenol products. Yifan also produces Chinese medicines such as include cough relieving pellet, mink oil cracking ointment, soothing syrup, andrographis anti-inflammatory drop pill, skin allergies cure capsule, jvhong dissipating phlegm tablet, semen tingli hypolipemic granule, compound yinhua toxin-resolving granule, salvia capsule, clinopodium polycephalum granule, and fuyan healing tablet; fuyinkang lotion for bacterial vaginosis and trichomonas.