(Yicai Global) July 8 -- Sirio Pharma’s shares jumped after the leading Chinese contract manufacturer of dietary supplements said it will acquire an 80 percent stake in US rival Best Formulations for USD180 million.

After soaring by as much as 9.8 percent in the morning, Sirio Pharma [SHE: 300791] closed 3.1 percent higher today at CNY30.97 (USD4.62).

The deal is subject to regulatory approval in China and the United States, the Shantou-based firm said in a statement late yesterday, citing the agreement signed on July 6. The deal will give Sirio Pharma the ability to produce in the US and establish sales channels with local mainstream brands, it added.

Best Formulations’ four factories research, develop, and make dietary supplement soft capsules, Sirio Pharma said, noting that the US company has several healthcare products retailers and premium brand customers at home and abroad.

Sirio Pharma acquired Ayanda, a well-known European CDMO of softgels, in 2016.

Editor: Futura Costaglione