Simmons & Simmons has advised Chinese state-owned enterprise, Sinochem Group, on an agreement with Netherlands based DSMAnti-Infectives, to form a 50/50 global anti-infectives joint venture.
As part of the agreement, Sinochem will take a 50% equity interest in DSM Anti-Infectives for a total cash consideration of €210 million on a cash and debt-free basis. The joint venture will be headquartered in Hong Kong. The partnership enables Sinochem to build its presence in the biotech industry and to capture growth opportunities in China and other high growth economies.
Sinochem Group was incorporated in 1950 and has five business segments: agricultural, energy, chemical (including pharmaceutical distribution), real estate and finance. DSM is a global life sciences and materials sciences company.
The Simmons & Simmons team in Hong Kong was led by corporate partner Tom Deegan, assisted by a team of associates and partners from the Simmons & Simmons network including Pamela Leong, Lesley Olsen, Michiel Wurfbain, Bas Berghuis van Woortman and Luis Felipe Castresana.
Commenting on the transaction, Tom Deegan, said: “The transaction represents an important investment by Sinochem in the life sciences sector (also a key sector for our firm) internationally and within China. It is also one of the highest profile deals by any Chinese company in the life sciences sector, a trend we expect to increase dramatically in the next few years.”
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