Leading international law firm Herbert Smith Freehills has advised innovative global healthcare company Sanofi on its €300 million strategic equity investment in Chinese biopharmaceutical company Innovent Biologics.
The transaction sees Sanofi invest €300 million in Innovent through subscription of new common shares at HK $42.42 per share. Subject to mutual agreement, Sanofi will have the right to acquire additional Innovent new common shares for €300 million.
Sanofi has also formed a strategic collaboration with Innovent to accelerate the development of Sanofi’s oncology medicines and expand its presence in China.
The Herbert Smith Freehills team was led by Hong Kong partner Jeremy Shen, assisted by senior associate Jaime Fong and associate Samuel Au. “We are delighted to have advised Sanofi on this tremendous investment in a Chinese biopharmaceutical company,” said Jeremy. “We congratulate Sanofi on its second successful equity investment in the Chinese healthcare sector in recent months.”
In July, Herbert Smith Freehills and its joint operation partner Kewei in Shanghai advised Sanofi on its participation in the initial public offering and Hong Kong listing of Chinese technology solutions services provider ClouDr as a cornerstone investor. Kewei international partner Gavin Guo led the Kewei team on both transactions.
“Herbert Smith Freehills and Kewei are clear market leaders in China, and we are pleased to leverage our strength to help our longstanding client to achieve its strategic objectives,” said Hubert Segain, Head of Corporate in Paris.
