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PR Newswire·

Tigermed to Participate in the Privatization of Frontage Holdings Corporation and Divest Its Overseas Laboratory Services Business

  • Hangzhou Tigermed Consulting Co., Ltd. announced a proposal to privatize its controlled subsidiary Frontage Holdings Corporation through its wholly-owned subsidiary Hongkong Tigermed Co., Limited.
  • Tigermed plans to divest Frontage's overseas laboratory services business to Charles River Laboratories International, Inc. & Dr. Song Li, Chairman of Frontage, while retaining Frontage's China-based operations.
  • The divested overseas business includes preclinical research, laboratory testing, chemistry, & CMC services, which differ from Tigermed's core clinical CRO business.
  • The restructuring aims to optimize strategic planning, capital allocation, & operational efficiency by focusing on Tigermed's clinical CRO business within China markets.
  • Tigermed expects to receive proceeds & record investment gains from the privatization & divestment, which occurred after acquiring a controlling stake in Frontage in 2014.
  • Dr. Xiaoping Ye, Chairman of Tigermed, stated the decision advances long-term strategy, optimizes the business portfolio, & aims to deliver sustainable value for shareholders & patients.
  • The privatization & asset restructuring remain subject to satisfaction of relevant conditions precedent & implementation requirements.
Company
Hangzhou Tigermed Consulting Co., Ltd.
Keywords
Hangzhou Tigermed Consulting Co., Ltd.