China’s Fosun says unit bidding for U.S. speciality drugmaker Arbor

- in Entertiment

HONG KONG (Reuters) – A unit of Chinese conglomerate Fosun Group’s pharmaceutical business on Monday said it is bidding for a stake in U.S. speciality drugmaker Arbor Pharmaceuticals LLC.

Shanghai Fosun Pharmaceutical Group Co Ltd (600196.SS) said in a stock exchange filing its Hong Kong unit submitted a non-binding bid for a stake in Arbor, which is backed by private equity firm KKR & Co LP (KKR.N), without disclosing the financial terms.

The unit has not entered exclusive talks with the seller and will begin conducting due diligence to determine further steps, Fosun Pharma said.

Atlanta-based Arbor produces mainly branded prescription drugs for the pediatric, hospital and cardiovascular markets.

New York-based KKR agreed to buy more than a quarter of shares in the company in December 2014, in a deal that valued privately held Arbor at over $1 billion.

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