Shanghai RAAS acquires Boehringer Ingelheim’s China biologics CDMO for up to 20 million yuan
Shanghai RAAS Blood Products announced on September 23 it will acquire 100% of Boehringer Ingelheim BioPharma (China) for a base price of 1 yuan, with a final price not exceeding 20 million yuan. The target, a loss-making biologics CDMO in Shanghai Zhangjiang with 6,000-liter capacity, was the first multinational-owned international-standard biologics manufacturing base in China. Shanghai RAAS aims to gain end-to-end control over innovative drug development and secure commercial production of its lead candidate SR604, a hemophilia treatment in Phase III trials.
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Tan Lixia Acquires Boehringer Ingelheim China Plant to Reshape Shanghai RAAS's Future
On September 23, Shanghai RAAS announced it will acquire 100% of Boehringer Ingelheim Biopharmaceuticals (China) Co., Ltd. for a base price of just 1 yuan, with a final price expected not to exceed 20 million yuan. The deal includes a 6,000-liter commercial production facility in Shanghai, a complete technical team, and a company that posted a loss of 259 million yuan in 2025 and must maintain operations and retain employees until the end of 2028. This acquisition is part of Haier Group's strategy to transform Shanghai RAAS, which it took control of in June 2024 with a 12.5 billion yuan investment. Tan Lixia, a senior Haier executive and now chairman of Shanghai RAAS, is leading the integration. The article outlines a three-step plan: expanding scale (42 billion yuan acquisition, 55 plasma stations, 2,000 tons annual collection), reforming operations by introducing Haier's 'Ren Dan He Yi' management model, and creating a new growth engine through a 'blood products + innovative drugs' dual-drive strategy. The key innovative drug is SR604, a self-developed antibody for hemophilia A and B now in Phase III trials, which was previously manufactured at the acquired Boehringer Ingelheim site. The acquisition gives Shanghai RAAS a complete closed-loop from R&D to commercial production, positioning it as an innovative biopharmaceutical platform.
Read sourceBoehringer Ingelheim sells China biologics CDMO to Shanghai RAAS for up to 20 million yuan
Shanghai RAAS (002252.SZ) announced on September 23 it will acquire Boehringer Ingelheim's China biologics contract development and manufacturing organization (CDMO) for up to 20 million yuan. The target, Boehringer Ingelheim BioPharma (China), operates a Shanghai Zhangjiang facility that was the first international-standard biologics contract manufacturing base built by a multinational in China. It produced BeiGene's PD-1 inhibitor Baizean, the first contract-manufactured biologic new drug in China. However, the facility has been loss-making, with revenues falling from 586 million yuan in 2024 to 32.6 million yuan in Q1 2026, and cumulative losses exceeding 349 million yuan. Industry sources cited by the report attribute the sale to high fixed costs, strategic indecision by the German parent, and fierce competition from local CDMOs that offer lower costs, faster decision-making, and integrated services. This is not the first such divestiture by a multinational in China's CDMO market. Shanghai RAAS, a blood products leader, aims to use the acquisition to gain end-to-end control over innovative drug development and commercialization.
Read sourceBoehringer Ingelheim sells China CDMO unit to Shanghai RAAS for 20 million yuan
Shanghai RAAS (002252.SZ) announced on September 23 it will acquire Boehringer Ingelheim's China biologics CDMO subsidiary for up to 20 million yuan. The target, established in 2014 as the first multinational-owned international-standard biologics manufacturing base in China, has been loss-making since 2024, with revenues declining from 586 million yuan in 2024 to 32.6 million yuan in Q1 2026. The acquisition aims to give Shanghai RAAS, a blood products leader, end-to-end control over innovative drug development and commercialization. Industry sources cited by Yicai attribute the divestiture to high fixed costs from the facility's premium standards, intense price competition from local CDMOs, and indecisive strategic commitment from multinationals. Local firms are said to offer better cost performance, integrated services, faster decision-making, and higher operational efficiency. This follows similar CDMO divestitures by other foreign firms in China.
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Shanghai RAAS Acquires Loss-Making CDMO to Secure Innovation Drug Production and Supply Chain
Shanghai RAAS, a Chinese blood products company, announced on September 23 the acquisition of Boehringer Ingelheim's CDMO base in Shanghai for a base price of 1 yuan, with the final price expected not to exceed 20 million yuan. The target, Boehringer Ingelheim BioPharma (China), posted a net loss of 259 million yuan in 2025 and 16.78 million yuan in Q1 2026. The acquisition is part of Shanghai RAAS's 'de-plasma' strategy to build a self-controlled innovation drug pipeline. The company aims to secure the commercial production of its lead candidate SR604, a hemophilia treatment currently in Phase III trials, and gain end-to-end capabilities from R&D to manufacturing. Analysts cited in the article view the deal as a strategic move to ensure supply chain security and process continuity for core drug candidates, rather than a bet on the CDMO's standalone profitability. Shanghai RAAS also reported a 9.6% year-on-year increase in plasma collection in H1 2026.
Read sourceShanghai RAAS to Acquire Boehringer Ingelheim BioPharma China for Innovation Drug Platform
Shanghai RAAS (上海莱士) announced on September 23 that it signed an agreement with Boehringer Ingelheim (China) Investment to acquire 100% of Boehringer Ingelheim BioPharma (China) for a base price of 1 yuan, with a final price not exceeding 20 million yuan, subject to overseas antitrust approval. The target company, located in Shanghai Zhangjiang, is a mature biologics manufacturing asset with 6,000-liter capacity, GMP workshops, and commercial production lines. Shanghai RAAS, a leading blood products firm, aims to use the acquisition to gain full control over the innovation drug value chain from R&D to commercial production, supporting its 'de-plasma' strategy and global expansion. The deal is critical for the commercialization of SR604, a first-in-class hemophilia monoclonal antibody targeting activated protein C (APC), which is in Phase III trials for hemophilia A/B and Phase II for other indications. Shanghai RAAS Vice Chairman Xu Jun stated the acquisition is a key step toward becoming an 'innovative drug platform company' and will mitigate supply and process risks for SR604 and future pipeline drugs.
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