Uni-Bio Science, a Hong Kong company focused on diabetes, ophthalmology and dermatology products in China, completed an $18.2 million private placement. The company placed the majority of the new shares ($15.4 million) with HeungKong Group of Guangzhou, which will become a Uni-Bio strategic shareholder with a 14.2% stake.

Uni-Bio will now have access to HeungKong's distribution network, and the two companies plan to open jointly-owned biopharma incubators and pursue international M&A opportunities.