China’s new biotech billionaire beefs up cardio pipeline with $600M buyout – FierceBiotech

Newly minted biopharma billionaire Liu Dianbo has added to his fortune while burnishing his rep as one of the top biotech drug developers in China. His company, Luye Pharma Group, acquired a 58% stake in Beijing Jialin Pharma Pharmaceutical for close to $600 million, beefing up its pipeline of cardiovascular drugs while expanding its product lineup.

The move boosted Luye’s shares by 15%, according to Forbes, adding considerably to the value of Liu’s 31% stake in the company, where he is both CEO and chairman. Luye went public last month, and made quite a splash on the market.

Luye is a big exception in China…

Read more – FierceBiotech