Reported 3 days ago
Hutchmed China Ltd., supported by billionaire Li Ka-shing, announced its plans to sell a 45% stake in Shanghai Hutchison Pharmaceuticals for approximately $608 million to focus on its core business of developing cancer therapies. The move, which led to a notable increase in shares, is part of Hutchmed's strategy to balance innovation investments with profitability goals by 2025. Following the sale, Shanghai Pharmaceuticals will increase its stake to 60%, while Hutchmed anticipates a pre-tax gain of around $477 million to reinvest in its cancer and immunological treatment projects.
Source: YAHOO