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Shenzhen-listed Pharma Company to Acquire Tel Aviv-based Medtech Company IOPtima

The Chengdu Kanghong Pharma Group will buy Tel Aviv-based IOPtima in four stages, the latter announced Tuesday through its parent company listed on the Tel Aviv Stock Exchange

Lilach Baumer 16:5521.11.17

Shenzhen-listed Chengdu Kanghong Pharma Group Co. Ltd., a China-based pharmaceutical company with a market capitalization of around $6.5 billion, will acquire Tel Aviv-based medtech company IOPtima ltd. in four stages, the latter announced Tuesday through its parent company listed on the Tel Aviv Stock Exchange.

 

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Established in 2002, IOPtima develops minimally invasive eye surgery devices. The company's flagship product, IOPtimate, is a laser-based a surgical system for the treatment of Glaucoma, a group of diseases that damage the optic nerve and result in blindness.

 

Sitting, left to right: IOPtima’s CEO Ronen Castro, Chengdu Kanghong Pharma's Chairman of the Board Zun Hong Ke, BioLight’s CEO Suzana Nahum-Zilberberg Sitting, left to right: IOPtima’s CEO Ronen Castro, Chengdu Kanghong Pharma's Chairman of the Board Zun Hong Ke, BioLight’s CEO Suzana Nahum-Zilberberg

 

 

BioLight Life Sciences Ltd., the parent company of IOPtima, announced the acquisition Tuesday, stating the first stage will see Chengdu Kanghong Pharma buy 19% of IOPtima’s fully diluted stock for $7 million, according to a pre-funding value of $30 million. Chengdu Kanghong Pharma's board of directors announced its intention to invest in the company in October in a filing to the Shenzhen Stock Exchange.

 

The deal's later stages will see Chengdu Kanghong Pharma buying out IOPtimate's current shareholders.

 

According to Chengdu Kanghong Pharma's filing, XL Vision Sciences Ltd., a fully owned subsidiary of BioLight, owns 68.258% of IOPtima’s stock. Taiwan-based Diamond BioFund Inc., a biotech-oriented investment firm with over $260 million in assets, holds 14.2% of the Israeli company. Diamond's Vice-president Yen Chen Huang sits on IOPtimate's board of directors.

 

 

 

9.48% of IOPtimate's stock is held by Dalian Sino-Israel Biomedical Investment Centre L.P., a joint venture of Chinese-Israeli venture firm Infinity Group and Dalian-based asset management firm YuHuaShangHe Investment Management (Dalian) Co. Ltd.

 

The deal is a milestone in the company’s efforts to increase its product range, Chengdu Kanghong Pharma's Chairman of the Board Zun Hong Ke said in the announcement by BioLight.
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