Wuxi Bio (02269) announced that on August 30, 2024, the company intends to acquire a 30% equity interest in Y-Mab from Shanghai Hile Bio-technology.
According to the announcement from Wuxi Bio (02269) on August 30, 2024, the company plans to acquire a 30% equity interest in Y-Mab from Shanghai Hile Bio-technology for a total consideration of 0.1085 billion US dollars. After the completion of the transaction, Y-Mab will become a wholly-owned subsidiary of the company, and the financial performance of Y-Mab will continue to be consolidated into the group's financial statements.
In view of the huge growth potential of Y-Mab and the unmet demand in the global medical and health industry, the group is committed to serving Y-Mab's global customers to prevent the spread of infectious diseases. The acquisition will increase the company's equity interest in Y-Mab to 100%, thereby strengthening and allowing the company to have full control and influence over the management and operation of Y-Mab. The company believes that the acquisition will not only further integrate the company's corporate structure and increase the economic benefits derived from Y-Mab, but also allow the group to more effectively implement its business philosophy and strategies at Y-Mab in order to enhance its profitability and bring better returns to shareholders.
