Deal Mechanic: Tapping the right vein

Deal Mechanic: Tapping the right vein


Over nearly seven years, Warburg Pincus more than doubled EBITDA at China Biologic Products and created a booming plasma-based drugs company. Carmela Mendoza reports.

When biopharmaceuticals became a common conversation topic across Warburg Pincus’s global healthcare team in 2009, Min Fang, a Beijing-based managing director at the firm, started research on the China market. At the time, the production of drugs using biotechnology was becoming a highly attractive sector globally and the Chinese government was backing it in its 12th Five Year Plan. The minister of health pledged an additional $11.8 billion for biotech innovation.

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