Key Takeaways
- • Boyu Capital, a Singapore-headquartered private equity firm co-founded by Alvin Jiang, grandson of former Chinese leader Jiang Zemin, is in exclusive negotiations to acquire Nucleus Network, China's largest provider of early-stage clinical trials.
- • Bain Capital has withdrawn from the auction, leaving Boyu as the sole active suitor, according to people briefed on the transaction.
- • Blackstone acquired Nucleus Network in 2021 for about $700 million and is currently engaged solely with Boyu and its advisers at Macquarie Capital.
- • The reported deal would mark a significant exit for Blackstone from a clinical trials asset it has held since 2021; no final terms or price were disclosed in the source.
Summary
Boyu Capital is in exclusive negotiations to acquire Nucleus Network, the largest provider of early-stage clinical trials in China, according to the Australian Financial Review's Street Talk column. The report cites people briefed on the transaction, who spoke on condition of anonymity.
Boyu Capital, which is headquartered in Singapore and whose co-founders include Alvin Jiang, the grandson of former People's Republic of China leader Jiang Zemin, is advancing toward a deal after rival bidder Bain Capital withdrew from the auction. Sources said Blackstone, which acquired Nucleus Network in 2021 for about $700 million, is now engaged solely with Boyu and its advisers at Macquarie Capital.
The sale process highlights continued institutional interest in China's clinical research services sector, where early-stage trial providers serve pharmaceutical and biotechnology developers. The source did not disclose the proposed valuation, deal structure or timing for a definitive agreement.
Boyu Capital, which is headquartered in Singapore and whose co-founders include Alvin Jiang, the grandson of former People's Republic of China leader Jiang Zemin, is advancing toward a deal after rival bidder Bain Capital withdrew from the auction. Sources said Blackstone, which acquired Nucleus Network in 2021 for about $700 million, is now engaged solely with Boyu and its advisers at Macquarie Capital.
The sale process highlights continued institutional interest in China's clinical research services sector, where early-stage trial providers serve pharmaceutical and biotechnology developers. The source did not disclose the proposed valuation, deal structure or timing for a definitive agreement.
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