Chinese investor to offer €1.2bn for Germany’s Biotest AG

Chinese investor Creat Group Corp offered €1.2bn for German biotech company Biotest AG, including debt. Biotest focuses in the hematology/hemophilia and clinical immunology treatment areas and is headed by CEO Bernhard Ehmer. The group currently has 2,500 employees and a commercial presence in 160 countries. It yielded a revenue of €553m in 2016, with an EBITDA of €86.8m. In announcing the bid by Creat Group, Ehmer said the Chinese group has pledged to double output capacity by 2022. Creat is not the only potential bidder to approach Biotest, yet there are currently no ongoing talks with other bidders, Ehmer added. The €1.2bn bid corresponds to €28.5 per share, a 43% premium over Wednesday’s closing price. However, only €19 will be offered for non-voting shares. Creat already acquired UK-based Bio Products Laboratories for GBP820m last year. Biotest’s shares today rose 25% (Frankfurt).
(Source: Nasdaq)