Taibang Biological Group Acquisition, Valuation, Funding & Investors

Taibang Biological Group was acquired by Centurium Capital, CITIC Capital Holdings, Temasek and Hillhouse Investment for $4.8B in November 2020, a 9.1x multiple on $524M of revenue.

Taibang Biological Group acquisition price

$4.8B

Acquired by Centurium Capital, CITIC Capital Holdings +2 · Nov 2020

Taibang Biological Group revenue at acquisition

$524M

Last twelve months · Nov 2020

Taibang Biological Group revenue multiple at acquisition

9.1x

EV/Revenue · Nov 2020

Taibang Biological Group EBITDA multiple at acquisition

20.7x

EV/EBITDA · Nov 2020

Taibang Biological Group Overview

About Taibang Biological Group

Taibang Biological Group, operating as China Biologic Products Holdings, is a Jinan-headquartered biopharmaceutical company in Shandong Province manufacturing plasma-derived products including human albumin, immunoglobulin, and coagulation factors. It conducts plasma collection at stations across China and produces biologics for hospitals and clinics nationwide.


Founded

2002

HQ

ChinaBeijing

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$524M (Nov 2020)

Valuation

$4.8B (acquired Nov 2020)

Taibang Biological Group Acquisition

Taibang Biological Group was acquired by Centurium Capital, CITIC Capital Holdings, Temasek and Hillhouse Investment for $4.8B on 19 November 2020.

The acquisition price implies a 9.1x revenue and 20.7x EBITDA multiple on $524M of revenue.

Before the acquisition Taibang Biological Group had raised $890M across 2 funding rounds.

A consortium led by Centurium Capital agreed to take Taibang Biologic Group, then listed on Nasdaq as China Biologic Products Holdings, private in a merger agreement signed on 19 November 2020. Each ordinary share was to be cancelled for US$120.00 in cash, a transaction the company said implied an equity value of about US$4.76 billion and a 16.8% premium to the closing price on 17 September 2019, the last trading day before it announced the going-private proposal. The buyer group comprised Centurium Capital, CITIC Capital, Hillhouse Capital, Temasek through its subsidiary V-Sciences Investments, and company chairman and chief executive Joseph Chow with other management holders, who rolled over their existing shares. The investors financed the privatization through a combination of equity and debt, with Ping An Bank and Shanghai Pudong Development Bank providing bank financing. The merger was completed in April 2021 and the shares were delisted from Nasdaq. Taibang is a Beijing-based plasma-derived biopharmaceutical company founded in 2002 that develops, manufactures and sells human albumin, immunoglobulin and coagulation factor products, and it also has a non-plasma segment that includes regenerative medical biomaterials.

Taibang Biological Group acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • Centurium Capital
  • CITIC Capital Holdings
  • Temasek
  • Hillhouse Investment
19 Nov 2020PE buyout$4.8B9.1x20.7x

Sources: sec.gov, junhe.com, globalprivatecapital.org

Taibang Biological Group Funding History

Taibang Biological Group has raised a total of $890M across 2 funding rounds, plus 1 secondary share sale.

Taibang Biological Group's first fundraising round was a $590M undisclosed-stage round in August 2018. The most recent completed round was a $300M undisclosed-stage round in August 2022.

Taibang Biological Group funding rounds

Taibang Biological Group funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2022Undisclosed stageAbu Dhabi Investment Authority (lead); GIC (lead); China Life Private Equity Investment; Cinda Securities$300MTaibang Biologic Group, formerly listed on Nasdaq as China Biologic Products Holdings, entered into definitive documents on 2 August 2022 for a US$300 million equity raising from investors led by Platinum Orchid, a wholly owned subsidiary of the Abu Dhabi Investment Authority, and GIC. China Life Private Equity Investment and Cinda Kunpeng took part as co-investors. It was the group's first equity financing since the completion of its privatization by a consortium led by Centurium Capital in April 2021. The company said the proceeds would optimize its capital structure and support the expansion of plasma collection stations and the research and development of new products. Taibang, founded in 2002 and based in Beijing, researches, develops, manufactures and sells human plasma-derived products in China, with 10 approved plasma products in more than 20 dosage forms across human albumin, human immunoglobulin and human coagulation factors. It also runs a non-plasma segment. The company remains privately held after the financing.
Aug 2018Undisclosed stagePW Medtech Group; Hillhouse Investment; Centurium Capital; CITIC Capital Holdings$590MChina Biologic Products Holdings, now Taibang Biologic Group, agreed on 24 August 2018 to issue 5,850,000 ordinary shares in a private placement for about US$590 million, and the placement was completed on 21 September 2018. The investors were affiliates of Centurium Capital, namely Beachhead Holdings and Double Double Holdings, then affiliated with directors David Hui Li and Joseph Chow, together with PW Medtech Group and two third-party investors that AVCJ identifies as CITIC Capital and Hillhouse. The company signed investor rights agreements that imposed a two-year lock-up on the shares, restrictions on transfers to competitors and a voting agreement in line with board recommendations, and it granted shelf and piggyback registration rights. Former chairman and chief executive David Gao started a proceeding in the Cayman Islands court on 27 August 2018 seeking to void the placement, and the company applied to have it dismissed. The company, a plasma-derived biopharmaceutical group based in China and founded in 2002, was then listed on Nasdaq. Centurium put about US$500 million into the company in total and later led its 2021 privatization.
Nov 2010SecondaryWarburg Pincus-Warburg Pincus bought shares of China Biologic Products, now Taibang Biological Group, from existing shareholders in a series of private purchases in 2010. It agreed to buy 770,000 shares on August 31, 2010 and 200,000 shares on September 7, 2010, and on November 16, 2010 bought a further 700,000 shares from Essence International Investment for an aggregate $9.1 million, or $13.00 per share. Warburg Pincus Private Equity X and Warburg Pincus X Partners together held 1,670,000 shares, about 6.9 percent of the Nasdaq-listed company, after the last closing. A separate May 2010 agreement with director Siu Ling Chan for 1,500,000 shares carried a right for Warburg Pincus to have a nominee elected to the board. China Biologic, based in Beijing, produced human plasma products through Shandong Taibang and Guizhou Taibang and later was taken private by a consortium led by Centurium Capital in 2020. Warburg Pincus held the investment for nearly seven years.

Who has invested in Taibang Biological Group?

9 investors have backed Taibang Biological Group across its funding rounds, including Hillhouse Investment, Warburg Pincus, GIC, Abu Dhabi Investment Authority, CITIC Capital Holdings and China Life Private Equity Investment.

Lead investors include Abu Dhabi Investment Authority and GIC.


Taibang Biological Group Investors

Investors in Taibang Biological Group by funding rounds participated
InvestorHQRoundsRoleFirst check
PW Medtech GroupChinaChina1ParticipantAug 2018
Abu Dhabi Investment AuthorityUAEAbu Dhabi1LeadAug 2022
GICSingaporeSingapore1LeadAug 2022
China Life Private Equity InvestmentChinaBeijing1ParticipantAug 2022
Hillhouse InvestmentChinaBeijing1ParticipantAug 2018
Cinda SecuritiesChinaBeijing1ParticipantAug 2022
Centurium CapitalChinaBeijing1ParticipantAug 2018

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Taibang Biological Group

Taibang Biological Group has acquired 5 companies to date.

Last acquisition by Taibang Biological Group was on August 1st 2019. Taibang Biological Group acquired TianXinFu for $595M.


Latest Acquisitions by Taibang Biological Group

TianXinFu
TianXinFu
Guiyang Dalin Biologic Technologies
Guiyang Dalin Biologic Technologies
Description
TianXinFu is a Beijing-based medical device company that manufactures and sells regenerative medical biomaterial products. Its main products are artificial dura mater and spinal dura mater, which surgeons use to repair the membrane around the brain and spinal cord. Its pipeline includes an absorbable oral repair membrane for oral and maxillofacial surgery and a second-generation artificial dura mater. The company sells to hospitals and is registered in Beijing as TianXinFu (Beijing) Medical Appliance Co., Ltd. PW Medtech Group owned it until Taibang Biologic Group, then China Biologic Products Holdings, bought 80% in January 2018 and the remaining 20% in August 2019, after which it reported as the biomaterial products segment of the group.
TianXinFu is a Beijing-based medical device company that manufactures and sells regenerative medical biomaterial products. Its main products are artificial dura mater and spinal dura mater, which surgeons use to repair the membrane around the brain and spinal cord. Its pipeline includes an absorbable oral repair membrane for oral and maxillofacial surgery and a second-generation artificial dura mater. The company sells to hospitals and is registered in Beijing as TianXinFu (Beijing) Medical Appliance Co., Ltd. PW Medtech Group owned it until Taibang Biologic Group, then China Biologic Products Holdings, bought 80% in January 2018 and the remaining 20% in August 2019, after which it reported as the biomaterial products segment of the group.
Guiyang Dalin Biologic Technologies Co., Ltd. is a Chinese holding company in the plasma-based biopharmaceutical sector, based in Guiyang, Guizhou Province. Through a controlling stake in the Guizhou plasma business that became Guizhou Taibang Biological Products, it was involved in collecting human plasma and manufacturing plasma-derived blood products. These products are sold to hospitals and other healthcare facilities in China. The company earns its income from product sales. It became part of China Biologic Products, which acquired a controlling interest in 2009 and bought out the remaining minority holding in January 2011, giving it full ownership. Dalin was described in company releases as one of the leading plasma-based biopharmaceutical companies in China, and it operates in a business-to-business market of hospitals and healthcare providers.
Guiyang Dalin Biologic Technologies Co., Ltd. is a Chinese holding company in the plasma-based biopharmaceutical sector, based in Guiyang, Guizhou Province. Through a controlling stake in the Guizhou plasma business that became Guizhou Taibang Biological Products, it was involved in collecting human plasma and manufacturing plasma-derived blood products. These products are sold to hospitals and other healthcare facilities in China. The company earns its income from product sales. It became part of China Biologic Products, which acquired a controlling interest in 2009 and bought out the remaining minority holding in January 2011, giving it full ownership. Dalin was described in company releases as one of the leading plasma-based biopharmaceutical companies in China, and it operates in a business-to-business market of hospitals and healthcare providers.
HQ CountryChinaChinaChinaChina
HQ City
Beijing
Beijing
Guiyang
Guiyang
Deal Date1 Aug 20191 Jan 20181 Jan 20111 Apr 2009
Valuation$595M$544Mundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Taibang Biological Group

Taibang Biological Group has invested in 1 company to date.

Latest investment by Taibang Biological Group was on November 28th 2018. Taibang Biological Group invested in TJWY Medical in their Secondary round.


Latest Investments by Taibang Biological Group

TJWY Medical
Description
TJWY Medical is a Chinese manufacturer of neuro-interventional devices encompassing research, production, and sales. The company produces intracranial balloon catheters and neurovascular guidewires for minimally invasive stroke and aneurysm treatments.
HQ CountryChina
HQ City
Beijing
Deal Date28 Nov 2018
RoundSecondary
Raisedundisclosed
Investors-
Valuation$94M
EV/Revenue
EV/EBITDA

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Taibang Biological Group Competitors

Taibang Biological Group competitors include listed companies like Travere Therapeutics, Humanwell Healthcare, 3SBio and Wantai BioPharm, and private ones like LEO Pharma and Biomat USA.

Public and private companies comparable to Taibang Biological Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Travere TherapeuticsUnited StatesUnited StatesPublicly listed$491M$9M$4.8B6.7x
Humanwell HealthcareChinaChinaPublicly listed$3.6B$650M$4.8B-
3SBioChinaChinaPublicly listed$2.7B$1.7B$4.8B1.8x
Wantai BioPharmChinaChinaPublicly listed$273M($24M)$4.7B-
LEO PharmaDenmarkCopenhagenPrivate-$301M$4.2B-
Biomat USAUnited StatesLos Angeles, CAPrivate--$4.2B-

Taibang Biological Group Public Comps

Taibang Biological Group is no longer listed, but its public comps include Travere Therapeutics, Humanwell Healthcare, 3SBio, Wantai BioPharm, Dottikon ES Holding, Dianthus Therapeutics, CRISPR Therapeutics, Dong-E-E-Jiao, Shanghai RAAS and Edgewise Therapeutics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Travere Therapeutics$491M$9M10.0x6.7x516.5x39.4x
Humanwell Healthcare$3.6B$650M1.6x-8.6x-
3SBio$2.7B$1.7B1.1x1.8x1.8x4.4x
Wantai BioPharm$273M($24M)15.4x-(173.7x)-
Dottikon ES Holding$524M$180M8.8x8.2x25.7x24.7x
Dianthus Therapeutics$2M($178M)1968.6x1665.1x(22.5x)-
CRISPR Therapeutics-($558M)-113.3x(6.0x)(6.7x)
Dong-E-E-Jiao$1B$324M3.8x3.6x11.8x11.3x

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Common questions about Taibang Biological Group

When was Taibang Biological Group founded?Taibang Biological Group was founded in 2002.
Where is Taibang Biological Group headquartered?Taibang Biological Group is headquartered in Beijing, China.
Is Taibang Biological Group publicly listed?No, Taibang Biological Group was acquired by Centurium Capital, CITIC Capital Holdings, Temasek and 1 other investor in November 2020.
Who acquired Taibang Biological Group?Taibang Biological Group was acquired by Centurium Capital, CITIC Capital Holdings, Temasek and Hillhouse Investment in November 2020.
How much was Taibang Biological Group acquired for?Taibang Biological Group was acquired for $4.8B in November 2020, a 9.1x revenue multiple.
How much funding has Taibang Biological Group raised?Taibang Biological Group has raised $890M across 2 funding rounds.
What was Taibang Biological Group's last funding round?Taibang Biological Group's last funding round was a $300M undisclosed-stage round in August 2022, led by Abu Dhabi Investment Authority and GIC.
Who are Taibang Biological Group's investors?Taibang Biological Group's investors include PW Medtech Group, Abu Dhabi Investment Authority, GIC, China Life Private Equity Investment, Hillhouse Investment, Cinda Securities, Centurium Capital, Warburg Pincus and CITIC Capital Holdings.
Which companies are comparable to Taibang Biological Group?Companies comparable to Taibang Biological Group include Travere Therapeutics, Humanwell Healthcare, 3SBio, Wantai BioPharm, LEO Pharma and Biomat USA.
How many companies has Taibang Biological Group acquired?Taibang Biological Group has acquired 3 companies, including TianXinFu, Guiyang Dalin Biologic Technologies and Xi'an Huitian Blood Products.
What was the largest acquisition by Taibang Biological Group?The $595M acquisition of TianXinFu in August 2019 is the largest acquisition Taibang Biological Group has made to date.
How many companies has Taibang Biological Group invested in?Taibang Biological Group has invested in 1 company, including TJWY Medical.
What was Taibang Biological Group's last investment?In November 2018, Taibang Biological Group invested in TJWY Medical's secondary sale.

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