CBC-Backed Hasten Biopharmaceutical Announces Acquisition of 14 Celltrion Legacy Products
The deal leverages CBC's hands-on "investor-operator" approach to accelerate portfolio companies' asset acquisition and strategic international expansion
SINGAPORE, July 1, 2024 /PRNewswire/ -- CBC Group ("CBC"), Asia's largest healthcare-dedicated asset management firm headquartered in Singapore, announced that its controlled portfolio company, Hasten Biopharmaceutical ("Hasten"), an innovation-driven biopharmaceutical company, has successfully acquired the asset rights of 14 branded products across Pan-Asia countries and regions from Celltrion, a South Korean biopharmaceutical company. The successful acquisition draws upon CBC's unique "investor-operator" model which combines innovation, vast industry experience and commercial expertise, to support leading healthcare companies such as Hasten as they source attractive assets and expand across borders.
According to the agreement, Hasten will own the Marketing Authorization Holder (MAH) rights for these 14 products in eight countries and regions, including South Korea*, Singapore, Thailand, Australia and China Hong Kong S.A.R. The deal not only enriches Hasten's product pipeline and supply chain system but also marks its business expansion across Pan-Asia region. As an innovative biopharmaceutical company focused on chronic diseases and critical care area, Hasten will expand its product portfolios through this acquisition, with the commercial rights to drugs in various chronic diseases areas such as hypertension and diabetes, including Edarbi®, Basen®, Actos®, Blopress®, and Nesina®.
Fu Wei, CEO of CBC Group remarked, "This strategic deal lays a solid foundation for Hasten's global expansion, facilitated by CBC Group's deep experience in large-scale cross-border buyouts and platform building. Our distinct active approach has seen a strong history of success as we work closely with healthcare companies to grow their platforms across stages and accelerate their expansion internationally while retaining a sharp focus on unlocking synergies and joint value for companies and investors alike. This milestone for Hasten underscores our commitment towards building a resilient global health ecosystem, as we continue to deliver much-needed healthcare solutions across Pan-Asia and beyond."
Summer Xia, CEO of Hasten said, "This successful acquisition marks an important step as we expand our business across Pan-Asia and progress towards our globalization trajectory. We are pleased to be partnering with CBC, as this deal provides us the opportunity to expand our regional commercial platform, broaden our product portfolio with the coverage of more classic products, while paving the way to go overseas with more high-quality products, in alignment with our development strategy. Beyond CBC's deep experience in buyouts and proven approach in growing leading healthcare platforms, we share a similar vision of addressing unmet medical needs across communities globally by bringing to market greater quality and affordable products. Going forward, we will continue to introduce innovative products, leverage our commercialization capabilities and optimize our product portfolio while enhancing research and production capabilities."
This latest move follows a series of key growth developments for CBC and Hasten. In 2023, CBC co-led a US$315 million fundraising round for Hasten, to support strategic acquisitions and business development of innovative pipeline assets. In the same year, Hasten acquired the commercial rights in Mainland China for Rocephin®, a long-acting, broad spectrum cephalosporin antibiotic, from Roche, delivering strong synergy within the portfolio and supporting the enhancement of patient care and outcomes.
*Excluding Edarbi®, Actos®, and Nesina®
About CBC Group
Headquartered in Singapore, CBC Group is Asia's largest healthcare-dedicated asset management firm, with an AUM of US$8.8 billion. With a diversified, multi-product strategy, CBC Group is focused on platform-building, buyout, private credit and royalties, and real estate, across the healthcare space, including pharmaceutical, biotech, medical technology, and healthcare services.
We are committed to creating lasting value by integrating global innovations and talents. Partnering with the world's top entrepreneurs and scientists, our unique "investor-operator" approach has empowered leading healthcare companies to widen access to affordable medical care, catalyse innovations, and improve efficiencies in fulfilling unmet medical needs worldwide.
For more information on CBC Group, please visit www.cbridgecap.com/.
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About Hasten
Hasten Biopharmaceutical Co., Ltd. (Hasten), which integrates R&D, production and commercial promotion and covers the whole industrial chain, was established in 2020. Hasten is jointly invested and established by CBC Group, Hefei Industry Investment Group and Feidong County, Hefei City. In April, 2023, Hasten received a new round of fundraising co-led by CBC and Abu Dhabi sovereign wealth fund, Mubadala Investment Company, with participation from other institutional investors.
SOURCE CBC Group
