Hangzhou Tigermed Consulting Co., Ltd., a clinical drug and medical-device testing company, says its Hong Kong Tigermed Ltd. unit has agreed to pay $50.25 million in cash "to acquire a majority position in the ownership of Frontage Laboratories, Inc., an Exton-based "bioanalysis, preclinical and early-phase clinical studies" and drug development firm that also owns a division based in Shanghai.

"Frontage will continue to operate independently," Hangzhou Tigermed said in a statement. CEO Dr. Song Li will remain as CEO with his current management team, said Tigermed founder and CEO Dr. Xiaoping Ye in a statement.

"Tigermed is the ideal fit for Frontage," said CEO Song Li in a statement. He called Frontage's early-stage clinical-trials specialization "complementary" to Tigermed's late-stage China and Asia-Pacific focus; together they can conduct more far-reaching trials for drug-company clients.