HUTCHMED (HCM) said Wednesday it has agreed to sell a 45% equity interest in Shanghai Hutchison Pharmaceuticals to GP Health Service Capital and Shanghai Pharmaceuticals in two transactions totaling about $608 million in cash.
Shanghai Hutchison, which manufactures, sells and distributes prescription medicines for cardiovascular diseases, is HUTCHMED's 50-50 joint venture with Shanghai Pharmaceuticals.
Under the terms, GP Health Service has agreed to acquire a 35% equity interest in Shanghai Hutchison for about $473 million in cash, while Shanghai Pharmaceuticals will buy a 10% stake for about $135 million in cash.
The transactions are set to close by the end of Q1.
Upon completion, HUTCHMED will retain a 5% equity interest in Shanghai Hutchison. Meanwhile, Shanghai Pharmaceuticals will hold a 60% equity interest in the joint venture.
The sale will allow HUTCHMED to focus on its core business of developing and commercializing therapies for cancers and immunological diseases, the company said, adding that it plans to use proceeds of about $477 million to further enhance its pipeline.
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