Hillhouse Capital Acquires BMS China JV and Key Brands in Strategic Move

Sep 13, 2025 14:48 CST Updated 14:48

Sino-American Shanghai Squibb

Small Molecule Drug Developer

Bristol-Myers Squibb

Biopharmaceutical and Nutritional Product R&D and Sales

Hillhouse

Long-Term Structural Value Investment Institution

Source: Yiyaoren

Recently, multiple self-media outlets released news,Bristol-Myers Squibb (BMS) China business sold to Hillhouse Capital.

Sino-American Shanghai Squibb is inThe earliest Chinese-foreign joint venture pharmaceutical enterprise to invest in and build a factory in China"One of the 'Old Five' joint venture pharmaceutical companies, the 'Old Five' are respectivelyTianjin Otsuka, Sino-American Shanghai Squibb, Wuxi Huarui, Xi'an Janssen, Suzhou Capsules.

Sino-American Shanghai Squibb was the first joint venture pharmaceutical company to establish a professional promotion team and implement a modern medical representative management system after China's reform and opening up, while Xi’an Janssen has been regarded as the "Whampoa Military Academy" for China’s pharmaceutical representatives. Xi’an Janssen was renamed "Janssen Innovative Pharmaceuticals" in 2023. If the rumored acquisition is successful, Sino-American Shanghai Squibb will also disappear from the list of pharmaceutical companies in China due to the name change.

According to the content of the email circulating online,BMSAn agreement has been signed to transfer its interest in Sino-American Shanghai Squibb Pharmaceuticals Ltd. (SASS) held by60%Equity, as well as several related products manufactured and sold exclusively in the Chinese mainland market——includingBaraclude(Baraclude),Bufferin(Bufenning),Theragran(Schering-Plough),Monopril(Monopril) andVelosef(Fanjie Fu) - Sold toHillhouseAn affiliate of the investment group (Hillhouse Capital).

The transaction is expected to be completed by2026Completed at the beginning of the year, the specific transaction amount has not been disclosed yet.

BMSStated in the email, "This asset divestiture plan reflects the company's continuously evolving network strategy," and pointed out that this move would be beneficial.BMSFocus internal resources on core areas with the greatest growth potential, while leveraging external partners with localized manufacturing and market experience to further optimize the business layout.

Bristol-Myers Squibb is a global leading biopharmaceutical enterprise, since1982Entered the Chinese market in the year, and co-invested with Shanghai Pharmaceutical Group and Sinopharm Group to establish Sino-American Shanghai Squibb Pharmaceuticals Ltd. Located in Minhang District, Shanghai, this enterprise is the first Sino-American joint venture pharmaceutical company after China's reform and opening-up, holding landmark significance.

The acquirer, Hillhouse Capital, is a leading investment institution in Asia with a focus on long-term structural value investing. It excels at capturing investment opportunities amid industrial transformations through in-depth research. Its investment portfolio extensively covers both primary and secondary markets, spanning acrossVC、PE、BuyoutAcross multiple stages, the pharmaceuticals and healthcare sector has always been one of the key tracks that Hillhouse Capital focuses on.

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