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Chinese Drugmaker Agrees to Buy Out Singapore Biotech SciGen

Yifan has been seeking to enhance its research and production capacity of insulin products. Photo: VCG
Yifan has been seeking to enhance its research and production capacity of insulin products. Photo: VCG

Chinese drug maker Yifan Pharmaceutical Co. agreed to acquire a controlling stake in the Singapore biopharmaceutical company SciGen Ltd. in a deal worth as much as $28 million, the Zhenjiang-based company said in an exchange filing Wednesday.

Yifan offered $0.05 a share to acquire at least 90% of Australian Stock Exchange-listed SciGen in an effort to take the company private. A full takeover would value SciGen at $28 million, according to Yifan.

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