3SBio, as part of a joint venture formed with CPE Funds, has acquired Canadian biologics CDMO Therapure Biopharma.
To expand its global biologics platform, Chinese biopharmaceutical company 3SBio has paid $290 million for the Canadian biologics contract development and manufacturing organization Therapure Biopharma. The purchase was made through a joint venture formed with CPE Funds.
The acquisition by 3SBio is the second the company has made in the last three years. In 2014, it purchased Italian CDMO Sirton. As a leading biotech company in China 3SBio is seeking to expand its global presence through the acquisition of companies in other parts of the world with strong growth potential and complementary capabilities. “Through strategic cooperation and acquisitions, 3SBio aims to enhance its global influence and strengthen its biologics manufacturing technologies while generating more value for its shareholders by fully leveraging its CDMO capabilities in the biopharma industry,” according to the company.
As a provider of therapeutic protein development and manufacturing services that operate in compliance with US, Canadian and EU biologics cGMP standards, Therapure was an attractive acquisition target for 3SBio. Specific capabilities include technology transfer and process development, analytical development and testing, scale-up and cGMP manufacturing and aseptic fill/finish and lyophilization.
The acquisition provides 3SBio entry into the North American biopharmaceutical market, a key step in its globalization plans. The purchase also enables 3SBio “to enhance its connections with global biotechnology and pharmaceutical companies and potentially explore diverse strategic partnerships and license innovative products across the world,” according to the company. Expansion of 3SBio’s CDMO business is also “expected to optimize the utilization of its manufacturing assets, enhance its own technical capabilities and improve its financial profile.”
Said Jing Lou, 3SBio Chairman: "This is a key milestone of the global expansion strategy of our biologics manufacturing business, adding a high quality asset and leadership team in Canada that will serve as a platform for growth. Over 340 biologics professionals in North America focusing on operations and management, market development, R&D and manufacturing are expected to join 3SBio, which is a big step forward in our strategy to expand our talent pool and establish global presence. The acquisition effectively integrates our mammalian cell culture capabilities and Therapure's downstream purification and plasma source technologies. The combination of Sunshine Guojian's 38,000-liter production capacity, Sirton's production and service capabilities and Therapure's competitive advantages will deliver enormous synergies in both operations and profitability. 3SBio's global expansion strategy is now on fast track. We intend to accelerate the development and commercialization of innovative products toward our ultimate goal of benefiting patients around the world."
Added Nick Green, Therapure’s President and CEO: "This transaction is exciting for the future of Therapure. It will be a powerful enabler for further growth and expansion of both 3SBio and Therapure in high growth areas of the market through our combined capabilities. This will put us in a stronger position to lead, innovate and grow, and further support our current and future clients."
The existing management of Therapure will be retained by 3SBio to manage the integration of Therapure into 3SBio and the further development of its CDMO business.