(Removes reference to Shan as PAG founder in paragraph 2)
* Weijian Shan, CEO of PAG, appointed chairman of Bicon board
* PAG investment to be used for acquisitions and R&D complex
By Stephen Aldred
HONG KONG, Feb 28 (Reuters) - Private equity fund PAG Asia Capital has invested $250 million in unlisted Bicon Pharmaceutical Holdings Co Ltd to become its largest investor, a unit of the Chinese pharmaceuticals company said on Tuesday.
Weijian Shan, a former TPG Capital dealmaker and chief executive of PAG, has been appointed chairman of the eight-member board of Bicon Pharmaceutical, which includes representatives from China Everbright Holdings and Sequoia Capital.
Bicon is a wholly foreign owned company that makes, sells and distributes pharmaceutical ingredients, modern Chinese medicines, generic drugs, bio-pharmaceuticals and vaccines.
PAG's investment will be used for acquisitions and to fund a complex for research and development and manufacturing.
The company has been expanding to meet rising internal demand for medicines in China, according to a source familiar with the matter. The company has completed a number of acquisitions including that of Jiangsu Kangbao Pharmaceuticals Company Ltd and has made a strategic investment in Kaifeng Pharmaceutical (Group) Company Ltd.
In 2011, Bicon started construction of an integrated pharmaceutical complex in Jiangsu Province.
The complex is planned to cover around 106 hectares, with pharmaceutical production facilities, a packaging and printing plant, an R&D and office centre, a logistics centre and a technical institute. (Reporting by Stephen Aldred; Editing by Matt Driskill)