Adicon Holdings Limited (SEHK:9860) entered into a definitive agreement to acquire Crown Bioscience, Inc. from Crown Bioscience International for approximately $200 million on November 13, 2025. Under the terms of agreement, total consideration of $204 million in cash will be paid including earnout of $84 million subject to adjustments, and customary adjustments for working capital, indebtedness, transaction expenses, and cash. This strategic move will enable Crown Bioscience to operate as a standalone entity under Adicon's ownership. Crown Bioscience's Global Biospecimens business, headquartered in Hamburg, Germany, with facilities in Frederick, MD, will remain fully integrated within JSR Life Sciences.
The transaction is subject to customary closing conditions including shareholder approval and regulatory clearances and is expected completion of the transaction is in mid-2026.
Joey Chau, Brian Ho and Ryan Choi of Kirkland & Ellis, China acted as legal advisors for Adicon Holdings Limited.
Adicon Holdings Ltd is an investment holding company principally engaged in the provision of independent clinical laboratory (ICL) services. The Company primarily provides testing services to hospitals, medical institutions, medical examination centers, consumers, pharmaceutical companies and contract research organizations (CROs). The Company's inspection services mainly include routine tests, esoteric tests, clinical immunologic testing, clinical chemistry testing, clinical molecular biology testing, pathology testing and others testing. The Company is also engaged in the sales of medical testing equipment. The Company principally conducts its businesses in the domestic market.
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