Chinese chemical manufacturing firm Boai NKY Pharmaceuticals plans to purchase BioVision Inc., a drug screening specialist headquartered in San Francisco.

Asia Times writes, through co-operation with world renowned biotech company Sigma & Abcam, BioVision has built a sales network of more than 70 countries to which it markets products such as bioanalysis kits, antibodies and enzymes. In the first 9 months of 2017 BioVision recorded a net profit of US $9.19m (£6.87m) and the company is worth an estimated value of US $288 million (£215.5 million).

Shanghai Securities Journal reports that for NKY Biology – an offshoot of NKY pharmaceuticals set-up specifically to handle investment in this acquisition – the main asset will be a 100% stake in BioVision. NKY Biology intends to raise supporting funds of 992 million yuan by issuing a total of 41.98m shares to 5 investors.

Current plans for these funds include the construction of a gene sequencing based platform that will strengthen the strategic position of the company’s health care platform, providing customers with a more comprehensive, and precise diagnosis and treatment program.