BEIJING – Luye Pharma Group Ltd., of Yantai, Shandong Province of China, has proposed to acquire Shandong Boan Biological Technology Co. Ltd. for up to $205.8 million to expand and diversify its pipeline portfolio into biologics. The payment is to be in three parts: an initial amount of $102.9 million, followed by payments linked to China marketing approval for two of Boan’s candidates of $51.45 million each.