MoFo Advises Cordlife Group and Magnum on Acquisition of Senior Convertible Note Issued by China Cord Blood Corporation for US$88.1 million

08/27/2014

Shirin Tang, Michael G. O'Bryan, Dale E. Caldwell, David M. Lynn, Peter C. Dopsch, Matthew Longarini, Rose Zukin Pierson, Alexa Belonick, and Paul Davis

Mergers + Acquisitions

MoFo News Item

Morrison & Foerster is advising Cordlife Group Limited (“Cordlife”), a Singapore listed company, and Magnum Opus International Holdings Limited (“Magnum”), a private company incorporated in the British Virgin Islands, on their purchase in equal proportions from Golden Meditech Holdings Limited (“Golden Meditech”), a Hong Kong listed company, of a 7% senior convertible note due 2017 issued by China Cord Blood Corporation, a Cayman Islands company listed on the New York Stock Exchange, to Golden Meditech in the principal amount of US$50,000,000.  Pursuant to the convertible note purchase agreement signed among Cordlife, Magnum and Golden Meditech on August 25, 2014, the total consideration payable to Golden Meditech is approximately $88.1 million.

The transaction is subject to certain closing conditions, including the approval of Golden Meditech’s independent shareholders.

The deal team was led by Morrison & Foerster’s Singapore corporate partner Shirin Tang and San Francisco corporate partner Michael O’Bryan.

Additional team members include Washington, D.C. corporate partner David Lynn and corporate associate Rose Zukin; Tokyo partner and co-chair of the firm’s Finance Practice Dale Caldwell and corporate associates Matthew Longarini and Paul Davis; New York finance partner Peter Dopsch; San Francisco corporate associate Alexa Belonick and Hong Kong finance associate John Donovan.

About Cordlife Group Limited (Bloomberg stock code: CLGL SP)
Incorporated in May 2001, Cordlife Group Limited is a multi-product healthcare company catering to the mother and child segment and a leading cord blood and umbilical cord lining banking services provider. Today, Cordlife operates the largest private cord blood banks in each of Singapore, the Philippines and Indonesia, and is amongst the top three market leaders in Hong Kong and India. Cordlife also holds approximately 10.02% and 31.81% stakes in China Cord Blood Corporation and StemLife Berhad respectively, both of which are their countries’ largest cord blood bank operators.

About Magnum Opus International Holdings Limited
Magnum Opus International Holdings Limited is incorporated in the British Virgin Islands. It is controlled by Mr. Yuen KAM, CCBC’s Chairman and also involves members of the CCBC management team. Mr. Yuen KAM is also the Chairman and Chief Executive Officer of Golden Meditech.

About China Cord Blood Corporation
China Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses. Under current PRC government regulations, only one licensed cord blood banking operator is permitted to operate in each licensed region and only seven licenses have been authorized as of today. China Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services. For more information, please visit our website at http://www.chinacordbloodcorp.com.

 

1 Source : Deloitte & Touche Financial Advisory Services Limited report, 10 April 2013

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