YSB, a digital pharmaceutical platform serving businesses outside hospitals in China, has entered into agreements to acquire 100% equity stake in Yikuai Pharmaceutical Technology for around 1 billion yuan ($145.5 million).
The target company — Folding Space (Cayman) — engages in business-to-business pharmaceutical supply chain, operation service platform and related businesses through Hunan Space Folding Internet Technology and its subsidiaries including Yikuai Pharmaceutical Technology, according to a recent exchange filing.
YSB, which was listed on the Hong Kong bourse in June 2023, said that the acquisition will be conducive to the firm’s downstream customer synergies and upstream procurement synergies, per the filing.
Founded in 2019, Yikuai Pharmaceutical counts New York-based investment firm Tiger Global’s Internet Fund V; as well as Shenzhen-headquartered venture capital firm Green Pine Capital Partners and Rizhao Changchunteng Innovation & Venture Capital Partnership, a fund managed by Shanghai Ivy Investment, among some of its shareholders, as of October 15.
Upon completion of the acquisition, Yikuai will operate independently from YSB. The business model and the core team of Yikuai will remain the same, according to a company statement.
