SHANGHAI,
May 21, 2015 /PRNewswire/ -- A consortium ("the
Consortium") consisting of entities affiliated with Shanghai Fosun
Pharmaceutical Group, HOPU Investments, China Everbright Limited's
healthcare fund ("CEL Healthcare Fund"), and WuXi PharmaTech
announced today that the Consortium has signed a merger agreement
pursuant to which the Consortium will acquire Ambrx Inc. The
transaction is expected to close in the second quarter of 2015,
subject to receipt of certain regulatory approvals and satisfaction
of customary closing conditions.
Ambrx is a clinical-stage biotechnology company focused on
discovering and developing first-in-class and best-in-class
optimized protein therapeutics known as bio-conjugates. The
company's proprietary technology platforms enable attachment of
pharmaceutically active molecules to specific sites within proteins
more precisely than prior generations of bio-conjugates and with
precision similar to that used to design small-molecule drugs.
Ambrx has developed a pipeline of novel product candidates that
include antibody-drug conjugates, or ADCs, bi- and multi-specific
drug conjugates, and long-acting therapeutic proteins.
ADCs are expected to be one of the most important areas of
monoclonal antibody development in the next decade, especially in
targeted therapies for oncology, an area where Ambrx has a strong
internal pipeline. The company's most advanced internally developed
product is ARX788, a site-specific ADC targeting Her2-positive
breast cancer that Ambrx expects to begin clinical trials on in
2015.
In addition to its internal pipeline, Ambrx collaborates
with leading pharmaceutical companies, including Bristol-Myers
Squibb, Merck, Eli Lilly, and Agensys. Ambrx's most advanced
collaboration product candidate in human health is ARX618, a
long-acting fibroblast growth factor 21 for type 2 diabetes,
for which collaboration partner Bristol-Myers Squibb is conducting
Phase 2 clinical trials in the United
States. To date, collaborations have provided Ambrx with
over $200 million in funding and have
the potential to provide milestone payments and royalties on the
sale of collaboration products.
Chairman of Fosun Pharma Mr. Chen
Qiyu said, "This joint acquisition will result in great synergy
with Fosun Pharma's current R&D system and platform. Fosun
Pharma has an internationalized R&D deployment in place with
strong R&D capability. It has established an interactive and
integrated R&D system in Shanghai, Chongqing, and San
Francisco, focusing on the R&D of macromolecular
biopharmaceutical drugs, especially monoclonal antibodies. Under
the help of Fosun Pharma, Ambrx's business expanding in
China will enable Chinese patients
to get faster access to innovative therapeutic
drugs."
"We are pleased to join the Consortium to acquire Ambrx, a
top-tier innovative biologics company with a cutting-edge
second-generation ADC technology platform," said Dr. Ge Li, Chairman and CEO of WuXi
PharmaTech. "This transaction will allow WuXi to broadly
access Ambrx's best-in-class ADC platform and biologics development
capabilities to better serve our global customers."
"We are excited to advance Ambrx's development programs
and technologies with members of the Consortium," said Ambrx's CEO
and President Lawson Macartney,
Ph.D., FRCPath. "I would like to thank Ambrx's employees and
partners for their dedicated efforts to bring important new
therapies to patients."
BMO Capital Markets Corp. is acting as exclusive financial
advisor and Latham & Watkins is acting as legal advisor to
Ambrx in connection with this transaction. Haynes and Boone is
acting as legal advisor to the Consortium in connection with this
transaction.
About WuXi PharmaTech
WuXi PharmaTech (NYSE: WX) is a leading open-access
R&D capability and technology platform company serving the
pharmaceutical, biotechnology, and medical device industries, with
operations in China and the United
States. As a research-driven and customer-focused company,
WuXi PharmaTech provides pharmaceutical, biotechnology, and medical
device companies with a broad and integrated portfolio of
laboratory and manufacturing services throughout the drug and
medical device R&D process. WuXi is also building a
platform to provide clinical diagnostic services directly to
physicians and their patients globally. WuXi PharmaTech's services
are designed to help its global partners in shortening the cycle
and lowering the cost of drug and medical device R&D. The
operating subsidiaries of WuXi PharmaTech are known as WuXi AppTec.
For more information, please visit:
http://www.wuxiapptec.com.
About Shanghai Fosun Pharmaceutical (Group) Co.,
Ltd.
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. ("Fosun
Pharma"), a leading healthcare company in China, was established in 1994 and has been
listed on the Shanghai Stock Exchange since August 1998 and on the Main Board of the Hong
Kong Stock Exchange since 2012 (stock codes: 600196-SH, 02196-HK).
Fosun Pharma strategically covers important segments of the
healthcare industry value chain, including pharmaceutical
manufacturing, pharmaceutical distribution and retail, healthcare
services, diagnostic products, and medical devices. The company
maintains a National Recognized Enterprise Technology Centre and a
highly capable international R&D team, focusing on innovation
and research in therapeutic areas including metabolism and the
alimentary tract, the cardiovascular system, the central nervous
system, oncology and immunoregulation, and infection. With its
commitment to innovation for good health and creating a better
future, Fosun Pharma will continue to pursue its strategic
development approach of "Organic Growth, Coupled with M&A and
Integration." The Company strives to be one of the first-class
enterprises in the global healthcare market. Click here for more
information: http://www.fosunpharma.com.
About HOPU Investments
HOPU Investments is a private equity firm focusing on
China-related investment
opportunities. With offices located in Beijing, Hong
Kong, and Singapore, HOPU's
team has unique expertise in investment, financing, and capital
markets, as well as diverse experience working with state-owned
enterprises and private entrepreneurs. HOPU's key investment focus
is to create, develop, and pursue investment opportunities driven
by China's ongoing economic
reforms and development, particularly in the healthcare,
technology, consumer, energy, mining, agriculture, and financial
services sectors.
About China Everbright Limited's healthcare fund ("CEL
Healthcare Fund")
China Everbright Limited (CEL) (stock code: 165-HK), a
member of China Everbright Group, is a publicly listed diversified
financial services enterprise focusing on the asset management and
investment businesses. It manages a series of private equity funds,
venture capital funds, sector-focused funds, and hedge funds and
provides across-the-board investment management services for
overseas investors to invest in companies with fast-growing
potential in mainland China. CEL
also seeks investment opportunities overseas and provides
diversified financial services for its clients in mainland
China. Total assets under
management totaled $6.8 billion as of
December 31, 2014. CEL Healthcare
Fund focuses on leading healthcare/life science companies with a
defendable competitive position, excellent prospects for an
expandable platform, and a good fit with the considerable resources
and market potential that China
has to offer. The CEL team has extensive experience and a network
of contacts in the healthcare sectors in China and the United States.
For more information, please contact:
WuXi PharmaTech
Ronald Aldridge (for
investors)
Director of Investor Relations
(201) 585-2048
ron_aldridge@wuxiapptec.com
Aaron Shi (for the
media)
Director of Corporate Communications
+86-21 5046-4362
aaron_shi@wuxiapptec.com
Shanghai Fosun Pharmaceutical Company
Victor
Wei
Senior Public Relations
Manager
+86-21 3398-7122
weit@fosunpharma.com
HOPU Investments
Sunny
Li
Head of Technology
Investments
+86-10 5181-9600
sunny.li@hopucap.com
China Everbright Limited
Bin Sun
Head, Managing Director,
Healthcare Investment
+86-21 2089-2888
bin.sun@everbright165.com
Ambrx, Inc.
Amiad Finkelthal
Senior Account Executive
Russo Partners LLC
(646) 942-5626
Amiad.Finkelthal@russopartnersllc.com
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SOURCE WuXi PharmaTech (Cayman) Inc.