(Yicai Global) Dec. 11 -- Shanghai Fosun Pharmaceutical (Group) Co. [SHE:300109] holds a 16.27 percent stake in Bo'ai Fosun Biological Medicine Co.

The public company will purchase the remaining 83.73 percent equity with a share placement, with the deal tentatively priced at CNY1.7 billion, it said yesterday.

It has proposed to offer new shares to up to five eligible investors to raise up to CNY992 million (USD148 million).

Bo'ai Fosun has struck an agreement with American biomedicine company BioVision Inc. to acquire a 100 percent stake in the latter for USD288 million, the firm announced Dec. 1.

BioVision formed in 1999 in California, the US, and specializes in life science reagent research. The acquisition of the US firm will help Fosun Pharmaceutical improve its competitiveness in the healthcare market. The deal still awaits approval from the Chinese government.