Hillhouse buys into biotech

Genscript Biotech (1548) said private equity firm Hillhouse Investment Management has bought shares of its subsidiary Legend Biotech for about US$22.2 million (HK$173.5 million).

The company's holding in Legend Biotech was reduced to 48.29 percent from 48.38 percent after the deal, according to a filing.

LGN Holdings, whose sole investment manager is Hillhouse, has agreed to purchase 692,782 shares of Legend Biotech in a private placement for the consideration of US$32 per share, the filing showed.

And the closing of the private placement took place on May 19, it noted.

Legend Biotech intends to utilize the net proceeds from the deal for general working capital, business expansion and other corporate purposes, it added.