American Tianjin Smith Kline Pharmaceutical Acquisition & Valuation

American Tianjin Smith Kline Pharmaceutical was acquired by Haleon for $1.9B in April 2025, a 3.8x multiple on $498M of revenue.

American Tianjin Smith Kline Pharmaceutical acquisition price

$1.9B

Acquired by Haleon · Apr 2025

American Tianjin Smith Kline Pharmaceutical revenue at acquisition

$498M

Last twelve months · Apr 2025

American Tianjin Smith Kline Pharmaceutical revenue multiple at acquisition

3.8x

EV/Revenue · Apr 2025

Key investors in American Tianjin Smith Kline Pharmaceutical

American Tianjin Smith Kline Pharmaceutical Overview

About American Tianjin Smith Kline Pharmaceutical

American Tianjin Smith Kline Pharmaceutical Co., Ltd. is a joint venture pharmaceutical manufacturer based in Tianjin, China, specializing in vaccines, biologics, and respiratory drugs. The company produces over 20 formulations including flu vaccines and antibiotics for the domestic market. Established in 1987 as a collaboration between GlaxoSmithKline and local partners, it operates a 300,000-square-meter facility compliant with GMP standards and supplies major hospitals across China.


Founded

1984

HQ

ChinaTianjin

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$516M (Sep 2024)

Valuation

$2B (Sep 2024)

American Tianjin Smith Kline Pharmaceutical Acquisition

American Tianjin Smith Kline Pharmaceutical was acquired by Haleon for $1.9B on 15 April 2025.

The acquisition price implies a 3.8x revenue multiple on $498M of revenue.

American Tianjin Smith Kline Pharmaceutical, also known as Sino-American Tianjin Smith Kline & French Laboratories Ltd. or Tianjin TSKF Pharmaceutical Co. Ltd., is an over-the-counter (OTC) pharmaceutical joint venture in China that manufactures and distributes leading brands such as Fenbid, Voltaren, and Bactroban. For the year ended December 31, 2024, it reported total revenue of CNY 3.56 billion, EBIT of CNY 952.75 million, net income of CNY 710.96 million, total assets of CNY 2.75 billion, and total common equity of CNY 1.07 billion. The company accounted for approximately 40% of Haleon's China revenues in 2024 and has a long heritage of operational excellence in one of the fastest-growing OTC markets globally. Haleon, a global consumer health company spanning categories like pain relief, respiratory health, digestive health, and therapeutic skin health, completed the acquisition of the remaining 12% equity stake in American Tianjin Smith Kline Pharmaceutical from Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited (SHSE:600329) on June 28, 2025. The deal, agreed on April 14-15, 2025, involved a cash consideration of CNY 1.62-1.623 billion (approximately £0.2 billion or $226.4 million), following Haleon's prior increase of its stake to 88% in September 2024 by acquiring 33% for CNY 4.5 billion. The transaction received board approval from the seller and shareholder approval on June 10, 2025, with full payment received and industrial-commercial registration completed, making TSKF a wholly-owned subsidiary of Haleon. The strategic rationale centers on enhancing Haleon's position in China, a key market with favorable structural drivers, by providing increased strategic and operational flexibility to drive category growth. This full ownership aligns with Haleon's capital allocation priorities to generate attractive shareholder returns while maintaining a strong investment grade balance sheet, marking the end of Chinese shareholders' involvement in this iconic Sino-foreign joint venture established during China's reform era.

American Tianjin Smith Kline Pharmaceutical acquisition details
AcquirerDateTypePriceEV/Revenue
15 Apr 2025Strategic M&A$1.9B3.8x

American Tianjin Smith Kline Pharmaceutical Valuation

American Tianjin Smith Kline Pharmaceutical is currently valued at $2B, based on its secondary sale in September 2024.

The $631M round was led by Haleon.

American Tianjin Smith Kline Pharmaceutical valuation by funding round

American Tianjin Smith Kline Pharmaceutical valuation by funding round
DateStageValuationRevenue Multiple
Sep 2024Secondary$2B3.8x

American Tianjin Smith Kline Pharmaceutical Revenue

American Tianjin Smith Kline Pharmaceutical's latest recorded revenue is $516M, as of its secondary sale in September 2024. At a $2B valuation, that implies a 3.8x revenue multiple.

American Tianjin Smith Kline Pharmaceutical revenue by funding round

American Tianjin Smith Kline Pharmaceutical revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2024$516M$2B3.8xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

American Tianjin Smith Kline Pharmaceutical Funding History

American Tianjin Smith Kline Pharmaceutical has 1 recorded secondary share sale and no primary funding rounds.

American Tianjin Smith Kline Pharmaceutical funding rounds

American Tianjin Smith Kline Pharmaceutical funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2024SecondaryHaleon (lead)$631M$2BSino-American Tianjin Smith Kline & French Laboratories Ltd. (TSKF), also referred to as American Tianjin Smith Kline Pharmaceutical, is a prominent over-the-counter (OTC) pharmaceutical company in China established in 1984. It manufactures and distributes leading consumer health brands such as Fenbid, Contac, Voltaren, and Bactroban, covering therapeutic areas including pain relief, respiratory health, and skin health. TSKF accounted for approximately 40% of Haleon's China revenues in 2024. Haleon, through Haleon China Co., Ltd. and Haleon CH SARL, agreed on April 14, 2025, to acquire a 12% stake in TSKF from Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited for CNY 1.62 billion cash consideration, implying a full company valuation of CNY 13.5 billion. The transaction was completed on June 28, 2025, following shareholder approval on June 10, 2025, and industrial and commercial registration, making TSKF a wholly owned subsidiary of Haleon. This followed Haleon's prior acquisition of an additional 33% stake announced on September 27, 2024, for RMB 4.465 billion, increasing its ownership from 55% to 88%. For the period ending December 31, 2024, TSKF reported total revenue of CNY 3.56 billion, EBIT of CNY 952.75 million, and net income of CNY 710.96 million. As of that date, total assets stood at CNY 2.75 billion and total common equity at CNY 1.07 billion. The deals underscore Haleon's strategy to consolidate control in China's fast-growing OTC market, financed through cash reserves and RMB debt.

Who has invested in American Tianjin Smith Kline Pharmaceutical?

1 investor has backed American Tianjin Smith Kline Pharmaceutical across its funding rounds, including Haleon.

Lead investors include Haleon.


American Tianjin Smith Kline Pharmaceutical Investors

Investors in American Tianjin Smith Kline Pharmaceutical by funding rounds participated
InvestorHQRoundsRoleFirst check

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American Tianjin Smith Kline Pharmaceutical Competitors

American Tianjin Smith Kline Pharmaceutical competitors include listed companies like Eris Lifesciences, Recursion Pharmaceuticals, OneSource Specialty and Voronoi, and private ones like ArsenalBio and BioRay Pharmaceuticals.

Public and private companies comparable to American Tianjin Smith Kline Pharmaceutical
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Eris LifesciencesIndiaIndiaPublicly listed$325M$115M$1.9B6.2x
Recursion PharmaceuticalsUnited StatesUnited StatesPublicly listed$74M($582M)$1.9B26.6x
OneSource SpecialtyIndiaIndiaPublicly listed$148M$30M$1.9B10.8x
ArsenalBioUnited StatesUnited StatesPrivate--$1.9B-
BioRay PharmaceuticalsChinaShanghaiPrivate$131M-$1.9B14.5x
VoronoiSouth KoreaSouth KoreaPublicly listed$5M($35M)$1.9B358.5x

American Tianjin Smith Kline Pharmaceutical Public Comps

American Tianjin Smith Kline Pharmaceutical is no longer listed, but its public comps include Eris Lifesciences, Recursion Pharmaceuticals, OneSource Specialty, Voronoi, Mesoblast, Alvotech, Lakefront Biotherapeutics, Hepalink, Pfizer India and Jinyu Bio-Technology Co..

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Eris Lifesciences$325M$115M6.6x6.2x18.5x17.4x
Recursion Pharmaceuticals$74M($582M)19.1x26.6x(2.4x)(2.8x)
OneSource Specialty$148M$30M13.8x10.8x68.3x36.9x
Voronoi$5M($35M)337.1x358.5x(52.6x)(32.5x)
Mesoblast$120M($35M)16.5x14.7x(57.1x)(73.4x)
Alvotech$586M$308M5.5x5.4x10.4x18.6x
Lakefront Biotherapeutics$1.3B$360M----
Hepalink$817M$121M2.2x2.4x15.0x14.2x

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Common questions about American Tianjin Smith Kline Pharmaceutical

When was American Tianjin Smith Kline Pharmaceutical founded?American Tianjin Smith Kline Pharmaceutical was founded in 1984.
Where is American Tianjin Smith Kline Pharmaceutical headquartered?American Tianjin Smith Kline Pharmaceutical is headquartered in Tianjin, China.
Is American Tianjin Smith Kline Pharmaceutical publicly listed?No, American Tianjin Smith Kline Pharmaceutical was acquired by Haleon in April 2025.
Who acquired American Tianjin Smith Kline Pharmaceutical?American Tianjin Smith Kline Pharmaceutical was acquired by Haleon in April 2025.
How much was American Tianjin Smith Kline Pharmaceutical acquired for?American Tianjin Smith Kline Pharmaceutical was acquired for $1.9B in April 2025, a 3.8x revenue multiple.
What is American Tianjin Smith Kline Pharmaceutical's valuation?American Tianjin Smith Kline Pharmaceutical was last valued at $2B in its secondary sale in September 2024.
Who are American Tianjin Smith Kline Pharmaceutical's investors?American Tianjin Smith Kline Pharmaceutical's investors include Haleon.
What is American Tianjin Smith Kline Pharmaceutical's revenue?American Tianjin Smith Kline Pharmaceutical's latest recorded revenue is $516M (September 2024).
What is American Tianjin Smith Kline Pharmaceutical's revenue multiple?American Tianjin Smith Kline Pharmaceutical's latest valuation implies a 3.8x revenue multiple ($2B valuation on $516M of revenue).
Which companies are comparable to American Tianjin Smith Kline Pharmaceutical?Companies comparable to American Tianjin Smith Kline Pharmaceutical include Eris Lifesciences, Recursion Pharmaceuticals, OneSource Specialty, ArsenalBio, BioRay Pharmaceuticals and Voronoi.

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