Signage for Hong Kong Exchanges and Clearing Ltd. Grand Pharmaceutical’s shares are listed at the … [+]
Grand Pharmaceutical Group, a China pharmaceuticals supplier whose biggest shareholder is billionaire Hu Kaijun, has agreed to buy 87.5% of U.S.-based vascular drug maker BlackSwan Vascular, Inc. for $37.5 million, Grand Pharmaceutical Group said on Sunday evening.
The move, which is expected to help Grand Pharmaceutical’s global expansion, comes after LavaTM, BlackSwan’s treatment for peripheral vascular arterial hemorrhages, gained premarket approval from the U.S. Food and Drug Administration this month.
BlackSwan, headquartered in Hayward, California, was founded in 2017 by Suresh Pai and Celso Bagaoisan of LamaMed, LLC, and Sanjay Shrivastava of U.S. Vascular, LLC. Sirtex Medical, a provider of therapies for liver cancer, bought BlackSwan for an undisclosed amount in 2020.
Sirtex itself had earlier been acquired by Chinese investment firm CDH and Grand Pharmaceutical in 2018 for $1.4 billion. CDH owns about 10% of Grand; Hu owns approximately 56%.
Grand Pharmaceutical shares have gained 5.6% at the Hong Kong Stock Exchange in the past 12 months.
Hu is president of China Grand Enterprises, whose interests span healthcare, real estate, agriculture and financial services. China Grand is the parent of three publicly traded companies: Grand Pharmaceutical, wholesaler Huadong Medicine and Grand Industrial Holding, a trading business.
Hu, 61, has a fortune worth $3.8 billion on the Forbes Real-Time Billionaires List today.
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