A joint venture (JV) between 3SBio and CPE Funds has entered an asset purchase agreement to purchase Canadian biologics manufacturer Therapure Biopharma’s contract development and manufacturing (CDMO) business, Therapure Biomanufacturing, for $290m.

Upon completion of the deal, the business will continue to run under the Therapure brand and will be led by the company’s chief executive officer Nick Green and the current senior management team at its manufacturing facilities located in Mississauga, Ontario, US.

Furthermore, Catalyst Capital Group will retain ownership of and also support future investments in Therapure’s plasma protein and therapeutic products business under a separate entity named ProductsCo.

In addition, the JV provides the CDMO business access to greater mammalian cell and downstream purification manufacturing capabilities.

It also provides strategic support for the expansion of Therapure’s CDMO business and facilities, offering employees and stakeholders with enhanced opportunities across Canada.

Operationally, the CDMO will continue to manufacture clinical material with the team’s expertise in plasma proteins production in the existing facilities, as well as build a new commercial facility on behalf of ProductsCo for the development of its plasma proteins commercial portfolio.

The acquisition will enable ProductsCo to focus on the clinical development and commercialisation of its plasma proteins in high growth markets, initially in the US and Canada.

Green said: "This transaction is exciting for the future of Therapure and for the Canadian biopharma industry.

"It will be a powerful enabler for further growth and expansion of both 3SBio and Therapure in high growth areas of the market through our combined capabilities. This will put us in a stronger position to lead, innovate and grow, and further support our current and future clients."

The transaction is expected to be concluded by the end of this year.