Private equity firm Boyu Capital, whose co-founders include Alvin Jiang, the grandson of former People’s Republic of China leader Jiang Zemin, is in exclusive negotiations to acquire Nucleus Network, the country’s biggest provider of early-stage clinical trials.
People briefed on the transaction, who spoke on condition of anonymity, said rival suitor Bain Capital had withdrawn from the auction and Blackstone, which acquired Nucleus Network in 2021 for around $700 million , was solely engaged with Singapore-headquartered Boyu and its advisers at Macquarie Capital.
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