Hepalink to acquire Cytovance
Hepalink USA, a Shenzhen High-Tech Park-based pharmaceutical supplier, will acquire Cytovance Biologics, a biopharmaceutical contract development manufacturing company, for nearly $205.7 million in cash plus certain contingent payments.
Darren Head, president and chief executive officer of Cytovance, said, “This will expand our ability to develop and grow both our domestic and international businesses and to secure our current expansion plans in our Oklahoma City facilities. We do not anticipate any changes in how we currently do business. We will become part of a very successful company that shares our commitment to safety and quality.”
The transaction is expected to close in October following regulatory approval, at which point Cytovance Biologics will become a fully consolidated subsidiary of Hepalink. When the transaction is completed, Cytovance management will remain in place, as will its 178 employees in the U.S.