Chinese biotechnology company 3SBio Inc yesterday said that it has received a higher takeover offer of about $370 million from a consortium comprising its CEO Dr Jing Lou and Citic Private Equity.
Dr Jing Lou and Citic have sweetened their September 2012 offer of $15.00 per American Depositary Share (ADS) to $16.70 per ADS after its rival Decade Sunshine Ltd tabled a competing $15.40 per ADS offer in February.
One ADS represents seven ordinary shares, and the consortium's latest offer represents a premium of 9.9 per cent to the ADSs' closing price on 19 April.
The Independent Committee formed by 3SBio to consider the proposal, yesterday said that it will postpone its extraordinary general meeting, scheduled for 25 April, in order to give enough time to shareholders to vote on the amended offer.
3SBio is a fully integrated, profitable biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily in China.
Its focuses on addressing large markets with significant unmet medical needs in nephrology, oncology, supportive cancer care, inflammation and infectious diseases. Its flagship product Epiao, is used to increase the number of red blood cells in patients with anemia.
With headquarters and manufacturing facilities in Shenyang, 3SBio employs over 800 people, has a market cap of $359 million and revenues of 665.2 million yuan.