A consortium of private equity firms and individual investors including Bizuo Tony Liu, CEO of Cellular Biomedicine Group, completed the acquisition of Cellular Biomedicine Group, a biopharmaceutical firm engaged in the drug development of immunotherapies, for $384m. The consortium of investors includes Bizuo Liu (CEO of CBMG) and certain other members of CBMG management (Yihong Yao, Li Zhang and Chengxiang Dai), Dangdai International Group, Mission Right, Wealth Map Holdings, Earls Mill, OPEA, Maplebrook, Full Moon Resources, Viktor Pan and Zheng Zhou and Yunfeng Fund III, TF Capital, Velvet Investment. Under the terms of the merger agreement, CBMG's stockholders received $19.75 in cash for each outstanding share of common stock held immediately prior to the effective time of the merger.