Around the world

Brazil deal for CMPort

China Merchants Port Holdings Co (CMPort) announced on Monday that the group’s wholly owned subsidiary Kong Rise Development will acquire a 90 percent stake in the port of Paranagua in Brazil from TCP Participacoes SA (TCP).

The purchase price is about $920 million, and it will be funded by a combination of internal resources of the group and external debt financing, the group said in a statement sent to the Global Times.

TCP and its subsidiaries are principally engaged in operating the container terminal concession in the Port of Paranagua. TCP is the second-largest container terminal in Brazil with an annual designed capacity of 1.5 million 20-foot equivalent units.

“TCP is not only CMPort’s cornerstone to enter Brazil, but also the future hub of the rising commodity and goods trade flow between Brazil and China,” Bai Jingtao, managing director of CMPort, was quoted as saying in the statement.

3SBio in $290m acquisition

China’s 3SBio Inc has agreed to buy the contract development and manufacturing unit of Canada’s Therapure Biopharma Inc for $290 million, part of a push by the Chinese biotechnology company into the North American market.

The deal through a venture set up by 3SBio and CITIC Private Equity investment, fits with a push by Chinese drugmakers and biopharmaceutical companies to increase their role in the global market.

The Chinese company and its private equity partners will also invest an additional C$20 million ($16.1 million) to C$25 million in Therapure’s plasma protein and therapeutics business to fund the construction of a new facility.

The contract development and manufacturing unit – Therapure Biomanufacturing – will continue to operate under the Therapure brand and be led by Therapure’s current Chief Executive Nick Green.