Zhong Lun represents Adicon Holdings Limited (HKEX: 9860) (“Adicon”), a portfolio company of The Carlyle Group, to acquire Crown Biosciences, a global CRO, from JSR Life Science, LLC. The transaction was announced on November 13, 2025 and, subject to customary closing conditions, is expected to close in 2026.

This transaction involves multiple jurisdictions. The Zhong Lun team has acted as lead M&A counsel for Adicon, responsible for negotiations and documentation, and coordinating and managing various local regulatory and due diligence legal advisors.

In connection with the transaction, the Zhong Lun team was led by partners Gary Li and Boxin Wang, and supported by partner Stacey Shen and associate Kristen Huang. Zhong Lun has also acted as PRC counsel for the transaction. The PRC legal team was led by partners Luke Zhang and Frank Jiang.