Photo: iStock
Photo: iStock

Boai NKY Pharmaceuticals, a Chinese public chemical manufacturing firm known as NKY, is planning to buy San Francisco Bay Area-based biotech firm BioVision, with the aim of focussing on precision medicine, the Shanghai Securities Journal reported.

The acquisition will be conducted via NKY Biology, a vehicle specially set up for the planned investment. According to the report, the company’s major asset is an indirect 100% stake in BioVision, which boasts an estimated value of US$288 million.

NKY will issue a total of 41.98 million shares to five shareholders of NKY Biology at a price of 40.5 yuan per share, in order to buy a 83.74% stake.

BioVision is said to specialize in drug screening assessment, with major products such as bioanalysis kits, proteins and enzymes as well as antibodies. The company’s sales network covers more than 70 countries.

For the first ninth months of 2017, BioVision recorded a net profit of US$9.19 million.