Kaisa Group Holdings has entered an agreement to purchase 18.57% stake in Zhenxing Biopharmaceutical & Chemical.

Based in China, the acquirer company is involved in property investment, development, and management businesses. It aims to expand its footprint in the healthcare industry through the acquisition.

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“Zhongyuan Union Cell & Gene Engineering, formerly Zhongyuan Union Stem Cell Bioengineering, plans to divest 67% share in a pharmaceutical tech company headquartered in Zhejiang.”

The purchase consideration for the acquisition is agreed to be $331.65m.

Zhongyuan Union Cell & Gene Engineering, formerly Zhongyuan Union Stem Cell Bioengineering, plans to divest 67% share in a pharmaceutical tech company headquartered in Zhejiang.

The divestment is expected to generate CNY60m ($9.1m) in proceeds for Zhongyuan.

Zhongyuan Union Stem Cell Bioengineering is a biotechnology company based in China.

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