The consortium led by Mr. David Xiaoying Gao withdrew its offer to acquire China Biologic Products for $3.9bn.

The consortium led by Mr. David Xiaoying Gao and composed of GL Capital Group, Bank of China Group Investment and CDH Investments withdrew its offer to acquire China Biologic Group, a blood plasma-based biopharmaceutical company, for $3.9bn. “Our proposal delivers immediate and attractive value to China Biologic’s shareholders and provides the Company the ideal partners to support its future growth. As a private company, China Biologic will have the additional operational flexibility and financial support to build on its successful track record as China’s leading plasma player while navigating the current challenges facing the country’s biopharma industry,” The consortium.