Hutchmed (China) (HKG:0013) expects to book a pre-tax gain of approximately $477 million after its wholly-owned subsidiary sold shares in Shanghai Hutchison Pharmaceuticals (SHP).
The disposal involved selling a 35% stake to GP Health Service Capital for approximately $473 million and a 10% stake to Shanghai Pharma (HKG:2607, SHA:601607) for around $135 million.
Before this transaction, SHPL, a joint venture operating its own-brand prescription drug business, was equally owned by Hutchmed's subsidiary and Shanghai TCM.
With the completion of this sale, Hutchmed will maintain a 5% indirect interest in SHPL.
Disposal proceeds will be used to bolster Hutchmed's core business operations and advance its antibody drug conjugate platform, according to a filing on Wednesday.
Hutchmed's shares gained over 3% in early trading.
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