Beijing-based preclinical and non-clinical services company Joinn Laboratories China agreed to pay $27.3 million to buy the clinic trial contract division of Massachusetts-based rival Biomere.
Under the pact, Joinn will form a special purpose vehicle in the U.S. to complete the cash transaction.
The acquisition will enable Joinn to form synergies with its existing business and expand the influence of its Joinn brand in the U.S.
Additionally, the deal still has to be submitted with and approved by multiple Chinese regulators, as well as by the Committee on Foreign Investment in the U.S. and other authorities.