M&As this week: Zhejiang Jingxin Pharmaceutical, BioLineRx

23rd March 2017 (Last Updated March 23rd, 2017 18:30)

With the aim of growing its neurodegenerative diseases business, Zhejiang Jingxin Pharmaceutical has reached an agreement to acquire up to 5% stake in Israeli-based Pharma Two B.

With the aim of growing its neurodegenerative diseases business, Zhejiang Jingxin Pharmaceutical has reached an agreement to acquire up to 5% stake in Israeli-based Pharma Two B.

The Chinese company will pay a purchase consideration of $5m to the target company, as part of the transaction.

"Israeli biopharmaceutical company BioLineRx has completed the acquisition of Agalimmune and its technology platform, with the aim of enhancing its position in the immuno-oncology space."

The target company develops treatment for Parkinson's disease and cancer, while the acquirer company is a Chinese pharmaceutical company.

Israeli biopharmaceutical company BioLineRx has completed the acquisition of Agalimmune and its technology platform, with the aim of enhancing its position in the immuno-oncology space.

The UK-based target company, which develops anti-cancer immunotherapy products, has received $6m in purchase consideration for the transaction, including $3m in cash and the remaining in the acquirer company’s shares.

The target company is also entitled for future development and commercial milestone-based payments.