HSG has officially completed its acquisition of the Avelox antibiotics business and related assets from German pharmaceuticals giant Bayer, according to an announcement on Tuesday.
A newly formed Chinese entity named Hangzhou Shanze Biopharmaceutical Co Ltd (杭州杉泽生物医药有限公司) and its Singapore-incorporated parent Ascenda Pte. Ltd now hold and operate certain assets of the Avelox antibiotics business, including its drug registration certificates, intellectual property (IP), and commercial rights in all relevant countries and regions globally.
The announcement follows Bayer’s disclosure in its fourth-quarter statement about its planned divestment from the Avelox business.
Multiple media outlets reported in Q4 2025 that HSG and Bayer had signed a share purchase agreement (SPA) for the Hong Kong-headquartered investment powerhouse to acquire Bayer’s Avelox business in a deal that was said to be worth 160-260 million euros ($189-$307.1 million).
HSBC was reportedly Bayer’s adviser, while China’s Shanghai Pudong Development Bank (SPDB) provided loan financing support to HSG for the acquisition, according to a Mergermarket report on October 28, citing sources.
Shanze Biopharmaceutical’s CEO Jin Xiaodong, who previously held senior positions at Pfizer China and Sanofi China, said: “Avelox is a classic antibiotic product that has benefited over 240 million patients worldwide. This acquisition will not only continue the mission of this product, which is to meet the medication need of a broader patient population, but also serve as a critical cornerstone of the growth of Shanze Biophamaceutical.”
Incubated by HSG to specialise in the treatment of acute and critical medical conditions, infections, and respiratory diseases, Shanze Biopharmaceutical aims to offer “sustainable medical solutions” by combining the operation of an established product, i.e., Avelox, with the development of an innovative drug pipeline.
Developed by Bayer and first approved in Europe and the US in 1999, Avelox (moxifloxacin) is a powerful prescription fluoroquinolone antibiotic used to treat serious bacterial infections, including community-acquired pneumonia, acute bacterial sinusitis, and chronic bronchitis flare-ups.
Avelox was once a high-volume, blockbuster antibiotic driving substantial revenue for Bayer’s pharmaceutical segment, particularly in China and the US. With its key US patents expiring in the years from 2016-2019, Avelox’s sales declined due to the availability of cheaper generic alternatives and increased regulatory scrutiny regarding side effects.
The most recently available sales data for Avelox is from 2021, when it generated about $72 million globally and accounted for a 40% market share in China, according to a 2023 document from drugmaker China Resources Double-Crane Pharmaceutical.
With over $55 billion in assets under management (AUM) and a portfolio of more than 1,600 companies, HSG has been on a buying sphere in recent months, targeting especially companies with multi-nation operations.
The company announced in December its plan to acquire a majority stake in luxury brand Golden Goose Group, with Temasek and its wholly-owned True Light Capital joining as minority investors. In January 2025, HSG agreed to purchase the majority of Marshall Group in a deal valuing the Stockholm-based audio equipment maker at 1.1 billion euros ($1.15 billion), while the Marshall family retained a stake of over 20%.
