Chinese pharmaceutical company Huapont Life Sciences has announced plans to acquire 48.3% stake in a local tourist firm from a controlling shareholder.

Huapont is engaged in manufacturing and marketing active pharmaceutical ingredients (APIs) and finished doses.

"Sosei Group has reached an agreement to acquire 25.6% stake in MiNA Therapeutics, and an option to acquire further defined stakes to eventually fully acquire the target company."

The acquisition will involve a purchase consideration of ¥139.4m ($21.47m).

Sosei Group has reached an agreement to acquire 25.6% stake in MiNA Therapeutics, and an option to acquire further defined stakes to eventually fully acquire the target company.

The purchase consideration for the 25.6% stake acquisition is £35m ($45.2m). A further £140m ($180.83m) is payable in the event of 100% acquisition, as part of the agreement.

The target company’s shareholders could further receive up to £240m ($310m) upon achievement of development and regulatory milestones.