SciClone Pharmaceuticals has agreed to be acquired for approximately $605 million by a consortium of Chinese investors, asserting that the deal would not only benefit shareholders but offered the best option for the company to continue operating in China.

The buyer consortium consists of entities affiliated with GL Capital Management, Bank of China Group Investment, CDH Investments, Ascendent Capital Partners, and Boying Investments.

Headquartered in Foster City, California, SciClone is a specialty pharma focused on developing and marketing drugs in China. Its product portfolio includes treatments in oncology, infectious diseases, and cardiovascular disorders.

The company’s lead product Zadaxin, marketed since 1996, is approved in more than 30 countries for indications that include hepatitis B, hepatitis C, and some types of cancers, as well as an immune system enhancer.

The company finished last year with net income of $30.729 million, up 4.3 per cent from 2015, on revenues that rose 1.8 per cent over the previous year, to $160.096 million.