Paul Hastings and MinterEllison have the lead roles on a $1.4 billion deal in which two Chinese investors are acquiring the Australian liver cancer treatment firm Sirtex Medical Ltd.

Beijing-based private equity firm CDH Investments holds a 51 percent stake in the consortium, while Hong Kong-based China Grand Pharmaceutical and Healthcare Holdings Ltd. holds the remainder. The investors offered to buy all shares of the Australian Securities Exchange-listed Sirtex at $25.33 apiece—a 78 percent premium of Sirtex’ closing price before it was approached by acquirers.

Sirtex’s board has recommended the deal. The Chinese proposal outbid a January offer made by the Palo Alto, California-based cancer treatment company Varian Medical Systems Inc. by 20 percent.

Paul Hastings Hong Kong partners Raymond Li and Vivian Lam are acting for CDH Investments.  Both Li and Lam advised the Chinese private equity firm on several other deals; last year, they represented CDH on a $900 million disposal of shares in Chinese port processor WH Group, which was previously known as Shuanghui and owns Virginia-based meat processor Smithfield Foods Inc.

MinterEllison Melbourne partner Alberto Colla is advising the investor consortium on Australian law.

Sydney-based Sirtex turned to Eversheds Sutherland, while local firm Watson Mangioni Lawyers is acting as Australian counsel.

China Grand Pharmaceutical and Healthcare Holdings, the Hong Kong-listed parent of Wuhan Wuyao Pharmaceutical Co. Ltd., said in a regulatory filing that it sees significant potential in introducing Sirtex’s liver cancer treatment product in China, a country where liver cancer is a leading cause of death. Globally, the market for tumor treatment and supportive care drugs is expected to reach $150 billion by 2020, according to the U.S.-based research firm IMS Health.

The Sirtex deal is expected to be completed in September, pending shareholders vote.