Consortium of Ally Bridge Lb Healthcare Master Fund Ltd of Ally Bridge Group, GL China Opportunities Fund L.P. of GL Capital Group along with other members made a non-binding proposal to acquire the remaining stake in SciClone Pharmaceuticals, Inc. on November 14, 2016. The consortium will acquire the stake at $11.18 per share. The transaction values SciClone Pharmaceuticals, Inc. at approximately $605 million, on a fully diluted basis. As of February 17, 2017, consortium of GL Trade Investment Limited, Avengers Limited and Boying Investments Limited has joined the consortium of buyers and Ally Bridge Group has terminated the agreement and withdrew from the Consortium. Consortium of GL Trade Investment Limited, Avengers Limited, Ascendent Capital Partners II, L.P., managed by Ascendent Capital Partners, Boying Investments Limited and Bank Of China Group Investment Limited signed a definitive agreement to acquire the remaining stake in SciClone Pharmaceuticals, Inc. (NasdaqGS:SCLN) on June 7, 2017. GL Trade Investment was the lead investor in this consortium and holds 4,750,116 shares, representing 9.2% stake in SciClone. Under the terms of the agreement, each share of the SciClone's common stock, other than GL Trade, shall be converted into the right to receive $11.18 in cash, without interest. In connection, GL Trade Investments is entering into a rollover agreement to roll over the shares held by it in the SciClone. On June 7, 2017, GL Trade entered into a Voting and Support Agreement with SciClone, wherein GL Trade has agreed to vote all shares of common stock held by it in favor of the adoption of the merger agreement and approval of the transaction. Concurrently with the execution of the agreement, SciClone has deposited shares of common stock equal to approximately $7.2 million of the aggregate merger consideration into an escrow account and has agreed to make a further deposit of approximately $24.4 million within 21 calendar days of the execution of the agreement. The merger will be financed through a combination of equity financing of approximately $261 million and term loan facility of $220 million to be arranged by China Minsheng Banking Corp., Ltd. and SciClone's existing cash. In addition, the agreement includes a 60 days go-shop period, which provides that SciClone may continue negotiating with certain excluded parties until the stockholders' vote. As on August 10, 2017, SciClone Pharmaceuticals announced the expiration of 60 day "go-shop" period on August 6, 2017 and no party under the terms of the agreement has been qualified as an "excluded Party". With the expiration of the "go-shop" period, SciClone is continuing to work with the buyer Consortium to complete the merger.

In case of termination, SciClone will have to pay a termination fee of approximately $15.8 million to the consortium and the consortium will have to pay a termination fee of approximately $31.6 million if the merger agreement is terminated because of any reason other than failure to obtain regulatory approvals, provided that consortium will have a one month extension of the termination date if required to secure debt financing and all other conditions are met. In addition, consortium will be obligated to pay the SciClone the termination fee approximately $21 million, if the merger agreement is terminated based upon, among other things, (i) a final and non-appealable injunction or law preventing consummation of merger (as long as injunction not caused by SciClone's material breach of agreement or new law after date of the agreement), (ii) if all conditions are met by SciClone and transaction has not closed by the termination date or (iii) agreement is terminated due to consortium's failure to obtain any regulatory approvals provided that SciClone has met conditions and committed in writing it is ready to close. In addition, consortium will also be required to pay the SciClone a reverse termination fee of approximately $7.2 million (in the form of 646,942 shares of SciClone common stock deposited into an escrow account at the date of signing of the agreement) if the merger agreement is terminated by the SciClone based upon consortium failing to cause a supplemental amount of approximately $24.3 million in cash to be deposited into the escrow account within 21 calendar days of the date of the agreement, in order to secure the reverse termination fee that may become payable by GL Trade to the SciClone.

The proposal is subject to a number of contingencies including financing, due diligence and documentation. In accordance with merger agreement filed on June 7, 2017, the transaction is not subject to any financial condition. The transaction is subject to the approval of the SciClone's shareholders. As of June 7, 2017, the agreement has been unanimously approved by SciClone's Board of Directors. The transaction is expected to complete in 2017. As of September 27, 2017, the shareholders of SciClone approved the transaction.

Morgan Stanley acted as a financial advisor, Daniel Dusek, Jon Christianson, Peter Huang, David Kitchen, Bradley Klein, Sean Shimamoto, Jose Esteves, Edward Micheletti and Joseph Yaffe of Skadden, Arps, Slate, Meagher & Flom LLP and Shanghai Fangda Law Firm acted as legal advisors and PricewaterhouseCoopers LLP acted as an accountant for the consortium of Ally Bridge Lb Healthcare Master Fund Ltd of Ally Bridge Group, GL China Opportunities Fund L.P. of GL Capital Group along with other members. Lazard Frères & Co. LLC acted as the financial advisor and Howard Clowes and Eric Wang of DLA Piper LLP (US) acted as the legal advisors to SciClone. Morgan Stanley Asia Limited acted as the financial advisor to GL Trade. Computershare Trust SciClone, N.A. acted as the escrow agent in this transaction. Sarkis Jebejian and John KupiecKirkland & Ellis LLP acted as legal advisors to Lazard Frères & Co. LLC

Consortium of GL Trade Investment Limited, Avengers Limited, Ascendent Capital Partners II, L.P., managed by Ascendent Capital Partners, Boying Investments Limited and Bank Of China Group Investment Limited completed the acquisition of remaining stake in SciClone Pharmaceuticals, Inc. (NasdaqGS:SCLN) on October 13, 2017. Trading of the common stock of SciClone on NASDAQ was suspended