CNBC - Finance

China’s Fosun, Shanghai Pharma say bid for stake in U.S. drug maker Arbor

The logo of Chinese conglomerate Fosun is seen on top of a building in Beijing on December 12, 2015.

Greg Baker | AFP | Getty Images

The logo of Chinese conglomerate Fosun is seen on top of a building in Beijing on December 12, 2015.

A unit of China’s Fosun Group and Shanghai Pharmaceuticals Holding Co are among bidders for a stake in U.S. speciality drugmaker Arbor Pharmaceuticals LLC, the companies said on Monday.

The bids come as Chinese companies face tightening scrutiny on their overseas investments. Chinese regulators are reviewing deal agreements in minute details, and have cracked down on some large domestic conglomerates, including Fosun, for their debt-fuelled acquisitions abroad.

Shanghai Fosun Pharmaceutical Group Co Ltd <600196.SS> said in a stock exchange filing its Hong Kong unit submitted on July 19 a non-binding bid for a stake in Arbor, which is backed by private equity firm KKR & Co LP.

In a separate filing, Shanghai Pharma also said it had submitted a non-binding bid for a stake in Arbor on the same day.

Both companies did not disclose the quantum of stakes they had bid for nor the financial terms but said they have not entered exclusive talks with the seller.

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