Zhifei Bio buys stake in biotech firm in $8.3m deal

Chongqing Zhifei Biological Products (SZSE:300122) has announced a strategic move to diversify its portfolio, acquiring a 51% stake in Chongqing Cronus Biopharmaceutical for RMB 59.33 million ($8.3 million). The acquisition, approved at a recent board meeting, marks Zhifei Bio's expansion from vaccines into the broader realm of biopharmaceuticals, specifically targeting metabolic diseases like diabetes and obesity. Zhifei Bio will leverage Cronus Bio's pipeline, which includes several drug candidates in clinical stages, including a Liraglutide injection in the filing stage and a Simeglutide injection.