Fosun Pharmaceutical Co., Ltd (600196.SH) announced a $22.5 million bid,buying into the D-round additional preferred stock of American Saladax Biomedical Inc.

After the acquisition, Fosun Pharma will become the largest shareholder of Saladax, a private company focusing on personalized medicine dosing including chemotherapy management.

It is believed the cooperation with the American company will help Fosun Pharma to improve innovative abilities in the medical diagnosis field.

Fosun has expressed confidence in the development of an unprecedented biochemical detection platform that can detect the concentration of tumor chemotherapy drugs and help to better analyze the treatment effect of these drugs.

Meanwhile, Shanghai Fosun Long March Medical Science Co., Ltd, a wholly-owned subsidiary of Fosun Pharma also signed a strategic cooperation contract with Saladax, obtaining the exclusive rights in China to distribute and produce Saladax products.

Fosun Pharma has expressed its willingness to expand the company’s business through overseas investment and acquisitions when it went public on the Hong Kong Stock Exchange last year.

“Internationalization is one main developing direction of Fosun Pharma and Fosun Pharma has been regarded as the most promising subsidiary of Fosun International Group to go beyond China,” said an insider to National Business Daily.

At present, Fosun Pharma has overseas offices in the U.S., Europe and Japan and placed its prophase research work abroad.

In fact, it has become one important method for Chinese domestic companies to internationalize—by acquiring foreign companies, said insider to National Business Daily.