According to Saladax, Shanghai Fosun Pharmaceutical Co. Ltd., a pharmaceutical and health care company, made the strategic equity investment to support ongoing clinical development to expand Saladax's MyCare product line.
The MyCare blood tests are designed to aid in the management of patients receiving chemotherapy drugs.
In a separate agreement, Fosun Long March Medical Science Co. Ltd., a division of Fosun Pharma, will serve as the exclusive manufacturing, distribution and regulatory partner for MyCare in China.
UBS Investment Bank acted as exclusive financial adviser to Saladax in the transaction.
Saladax said this deal is its fourth major strategic transaction in the last three years.