CITIC Capital Holdings Limited entered into an agreement to acquire 2.4% stake in China Biologic Products Holdings, Inc. (NasdaqGS:CBPO) from PW Medtech Group Limited (SEHK:1358) for approximately $110 million on October 26, 2020. Under the terms, CITIC Capital will acquire 910,167 shares at the price of $120 per share. In related transactions, Joseph Chow, the Chairman of the Board of Directors and Chief Executive Officer of CBPO signed separate purchase agreements to acquire 9.72% stake and 1.72% stake in China Biologic Products Holdings, Inc. (NasdaqGS:CBPO) for approximately $450 million and $79.3 million respectively. The transaction will funded from revolving credit facility of $204 million.

The transaction is subject to approval of PW Medtech shareholders, the SC 13E-3 Amendment (as defined in Section 5.2(b) below) has been first filed with the SEC for no less than thirty (30) days, and such SC 13E-3 Amendment has been disseminated in accordance with Rule 13e-3(f) under the Exchange Act for twenty (20) days. The transaction is not subject to approval of shareholders and Board of China Biologic Products Holdings, Inc. The closing will take place after 15 days of fulfillment of conditions. PW Medtech intends to apply the total gross proceeds from these disposal for distribution of a special dividend, repayment of bank loans, capital expenditure or long term investments and general corporate and working capital purposes. On November 19, 2020, PW Medtech Group Limited voted in favor of the agreement. Weiheng Chen of Wilson Sonsini Goodrich & Rosati acted as legal advisors for PW Medtech. Frank Sun of Latham & Watkins LLP acted as legal advisor for CITIC Capital.

CITIC Capital Holdings Limited completed the acquisition of 2.4% stake in China Biologic Products Holdings, Inc. (NasdaqGS:CBPO) from PW Medtech Group Limited (SEHK:1358) on December 30, 2020. All conditions has been filled.