近日，港交所18A上市企业嘉和生物宣布与亿腾医药达成合并协议，合并后企业将更名为亿腾嘉和医药集团有限公司。海问律师事务所担任嘉和生物的法律顾问，凯易国际律师事务所则代表亿腾医药参与交易。
本次交易中嘉和生物作价1.97亿美元、亿腾医药作价6.77亿美元。嘉和生物采用新发方式向亿腾医药的现有股东发行新股，以收购其在亿腾医药的所有权益。
本次交易是港股18A公司首次公布进行反向收购的案例，预期将为市场奠定同类交易的基础。
根据雷递、瑞恩资本等消息，亿腾医药成立于2001年，已建立起涵盖抗感染、心血管、呼吸系统三大核心治疗领域，其在2021年递交香港上市招股书，但未能完成独立上市。嘉和生物于2020年在港交所上市，公司专注于肿瘤及自身免疫药物的研发及商业化。未来双方将借助互补协同效应，推动研发、销售、出海的全面发展。
凯易表示：“经过过去近三年的市场动荡，中国创新药行业的资本运作及全球化迎来了新契机。如何利用行业战略资源、资本市场及法律工具进行产业整合和优化出海模式是现阶段中国创新药企抓住新机遇的重点。”
海问团队由香港办公室合伙人陈嘉信律师、北京办公室合伙人唐江山律师牵头；
凯易团队由公司业务部/资本市场合伙人吕梦宇博士（香港）和公司业务部合伙人周荔尔（香港）牵头领导，并由公司业务部/资本市场合伙人吴怡婷（香港）和公司业务部合伙人周睿哲（香港）提供支持。
Haiwen, Kirkland on HKEX’s first reverse takeover of a pre-revenue biotech company
Genor Biopharma, a Chapter 18A listed company on the Hong Kong Stock Exchange, announced a merger agreement with Edding Group, resulting in a newly named entity, Edding Genor Group. Haiwen & Partners acted as legal counsel for Genor Biopharma, while Kirkland & Ellis represented Edding Group in the transaction.
Genor Biopharma was valued at $197 million and Edding Group at $677 million. Genor Biopharma will issue new shares to the later’s current shareholders as consideration for acquiring all of its equity interests.
This deal marks the first announced reverse takeover by a Chapter 18A company on HKEX, potentially paving the way for similar transactions in the future.
Edding Group, established in 2001, has built a core therapeutic portfolio in anti-infection, cardiovascular, and respiratory diseases. While the company submitted an IPO application to HKEX in 2021, it did not proceed with an independent listing. Genor Biopharma, listed in Hong Kong in 2020, focuses on the development and commercialization of oncology and immunology drugs. The merger will enable the companies to leverage complementary synergies and advance their R&D, sales, and international expansion efforts.
Kirkland & Ellis comments, "Following nearly three years of market volatility, China's innovative pharmaceutical sector has entered a new phase of capital activity and globalization. Strategic resource allocation, capital market integration, and optimized overseas expansion are now crucial for China’s innovative drug companies to seize emerging opportunities."
The Haiwen team was led by Hong Kong partner Philip Chan and Beijing partner Jackson Tang.
The Kirkland team was led by Hong Kong partners Dr. Mengyu Lu and Joey Chau, with additional support from Hong Kong partners Ashlee Wu, and Leo Zhou.
