Billionaire Li Ka-shing’s Hutchmed in $608 mln health unit stake sales

Reuters01-02

UPDATE 1-Billionaire Li Ka-shing’s Hutchmed in $608 mln health unit stake sales

Updates with deal details in paragraphs 2,3 and 6, company background in paragraphs 4 and 5

Jan 1 (Reuters) - Hutchmed (China)0013.HK, controlled by tycoon Li Ka-shing, is selling stakes in its health subsidiary for around $608 million as the billionaire and his flagship conglomerate look to ramp up capital and pivot towards core operations at the drugmaker.

Hutchmed will sell a total 45% stake in Shanghai Hutchison Pharmaceuticals to Chinese firms GP Health Service Capital and Shanghai Pharmaceuticals 601607.SS, a stock exchange filing showed on Wednesday.

Hutchmed's largest shareholder is Hong Kong-listed conglomerate CK Hutchison 0001.HK, in which the billionaire investor has a 28.1% stake.

The biopharmaceutical company has struggled with issues pertaining to debt and high onshore liability levels in the recent past and the potential deal would further help the firm "optimize capital and debt structure," it said.

The billionaire family's flagship firms, which has interests in real estate, retailing and utilities around the globe, also reported a dip in earnings during August, reflecting the rise of trade and geopolitical tensions.

Hutchmed anticipates to report a profit of $477 million before income tax from the transaction, while the amount would be re-fed into the firm for development of core operations.

(Reporting by Kumar Tanishk in Bengaluru; Editing by Cynthia Osterman and Alistair Bell)

((Tanishk.Kumar@thomsonreuters.com;))

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