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Fosun seeks Arbor stake

A unit of China’s Fosun Group and Shanghai Pharmaceuticals Holding Co are among bidders for a stake in US specialty drugmaker Arbor Pharmaceuticals LLC, the companies said on Monday.

They did not disclose the size of the stake or the financial terms, but said they have not entered into exclusive talks with the seller.

Fosun Pharma said its Hong Kong unit will begin conducting due diligence to determine further steps.

Arbor appointed Bank of America Merrill Lynch to run the sale process. A potential deal could value Arbor at about $ 3 billion, the sources said.

Bloomberg, which first reported on the sale process, said the bidders were seeking to buy 20 percent to 30 percent of Arbor.

Atlanta- based Arbor produces mainly branded prescription drugs for the pediatric, hospital and cardiovascular markets.

Wider use for UnionPay cards

VTB24, the second- largest bank in Russia, will start in- depth cooperation with UnionPay, and all its ATMs and 120,000 point of sale terminals will accept UnionPay cards within this year, Shanghai- based UnionPay International said Monday.

As of now, four major banks in Russia accept UnionPay card business, and the company forecast that UnionPay cards’ acceptance in Russia will rise to more than 80 percent this year end.