Dec. 26--SCIENTIFIC PROTEIN LABORATORIES -- a nearly 40-year-old Waunakee company spun off from Oscar Mayer Foods -- will be purchased by a Chinese manufacturer for $337.5 million, the two companies announced Thursday.
The acquisition by Shenzhen Hepalink Pharmaceutical will finalize in the first half of 2014, if regulators approve.
Scientific Protein Labs, or SPL, and Hepalink both make the key raw material in heparin, a commonly used blood thinner.
"This will expand our ability to develop and grow both our domestic and international businesses and to continue to conduct cutting-edge research on new products," said Robert Mills, SPL chief executive.
SPL has 204 employees in the U.S., including a location in Iowa. It was established in 1976 as an offshoot from Oscar Mayer, to make pharmaceutical and chemical products from animal processing byproducts.