Alibaba, PE Partner Sink $171M Into Drug Data Venture

Law360, New York (January 23, 2014, 12:11 PM EST) -- Chinese Internet titan Alibaba Group Holding Ltd. said Thursday it will partner with its chairman's private equity firm to take control of a Hong Kong company that could help it build out an online drug information platform in a deal worth 1.33 billion Hong Kong dollars ($171 million).

Under the deal's terms, an Alibaba affiliate will scoop up 4.4 billion shares in Citic 21CN Co. Ltd. at HK$0.30 a pop, good for a 54.3 percent stake in the company, according to a securities filing. Yunfeng Capital,...
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