HUTCHMED (China) Limited has agreed to sell its 45% stake in Shanghai Hutchison Pharmaceuticals Limited, a joint venture with Shanghai Pharmaceuticals Holding, for $608 million in cash. This transaction, valued at RMB 4.5 billion, marks a significant financial move for the Hong Kong-based pharmaceutical company. The deal is set to be completed by the end of 2023. The funds from this divestiture will be used to bolster HUTCHMED’s research and development efforts, focusing on oncology and immunology. This strategic decision comes as HUTCHMED aims to streamline its operations and concentrate on its core competencies. The company’s shares have seen a 15% increase in value over the past year, reflecting investor confidence in its strategic direction.
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