CBC Group is considering selling its controlling stake in Anrei Medical (hz) Co. in a deal that could fetch as much as 5 billion yuan ($737 million), according to people familiar with the situation.
(Bloomberg) — CBC Group is considering selling its controlling stake in Anrei Medical (hz) Co. in a deal that could fetch as much as 5 billion yuan ($737 million), according to people familiar with the situation.
The investment firm is working with an adviser on the potential divestment, said the people, who asked not to be identified discussing a private matter. Deliberations are at an early stage and may not lead to any transaction, the people said. A representative for CBC Group declined to comment.
Founded in 2006, Anrei Medical manufactures and sells medical devices for minimally invasive surgeries in China, according to its website. The company has production and research bases in Hangzhou and Changzhou as well as trade offices in Tianjin, Beijing and Guangzhou.
CBC Group, formerly known as C-Bridge Capital, became Anrei’s controlling shareholder in 2016, the website shows. In July 2020, the medical device maker completed a pre-initial public offering funding round at a blended valuation of about 1.7 billion yuan backed by GL Capital and CICC Capital, according to a press release at that time.
CBC Group was established in 2014 and focuses on investing in health-care businesses in Asia, its website shows. The Singapore-based firm invests across sectors including biopharmaceuticals, drug distribution and molecular diagnosis as well as medical devices and services.
Everest Medicines, backed by CBC Group, raised about HK$4 billion ($510 million) in a Hong Kong IPO in 2020. In 2021, a consortium led by CBC Group bought a 46.9% stake in Seoul-traded cosmetic pharmaceutical company Hugel Inc. in a 1.7 trillion won ($1.4 billion) deal. Abu Dhabi-based investment company Mubadala Investment Co., South Korea’s IMM Investment Corp. and GS Holdings Corp. were part of the bidding group.
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