Beingmate Snaps Up US Life Science Company SCL for USD300 Million
Liao Shumin
/SOURCE : Yicai
Beingmate Snaps Up US Life Science Company SCL for USD300 Million

(Yicai Global) Nov. 2 -- Famous infant formula producer Hangzhou Beingmate Group has closed its acquisition of a 100 percent stake in the American life science company SpectraCell Laboratories Inc. (SCL) last week, a critical step for it to tap into the big health industry, as reported.

Beingmate and its agents clinched the deal for up to USD300 million (CNY2 billion), said an insider.

Formed in 1993, SCL is based in the US state of Texas. It is a clinical laboratory holding several global patents in life sciences, including its branded MicroNutrient Testing, the world's most advanced, which can comprehensively test and evaluate the human body's metabolic status and functions.

Medicare and other US healthcare programs include the company's tests, as these are major driving forces developing precise medicine in the country.

Beingmate Baby & Child Food Co. [SHE:002570], a listed company of Beingmate Group, said its wholly-owned subsidiary Heilongjiang Beingmate Dairy planned to contribute CNY225 million to jointly set up BGI Health Insurance, accounting for 15 percent of its registered capital. Beingmate's founder Xie Hong serves as an independent director for BGI.

SCL's technology is an effective tool for precise health management among chronic disease patients and will supplement BGI's testing technologies. "The acquisition will provide a major technical basis for Beingmate's transformation into big health, precise medicine, and functional medicine," an analyst said.

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Keywords: Beingmate Group , SpectraCell Laboratories