Hebei Aoxing Pharmaceutical to Acquire Shijiazhuang Lerentang
Posted on: Thursday, 13 March 2008, 09:01 CDT
Hebei Aoxing Pharmaceutical Group, the subsidiary of China Aoxing Pharmaceutical has signed a definitive acquisition agreement to acquire Shijiazhuang Lerentang Pharmaceutical.
The definitive acquisition agreement contemplates that China Aoxing will acquire 100% ownership of Shijiazhuang Lerentang. The purchase price will be paid approximately $10.8 million in cash and eight million shares of the company's common stock. Completion of the transaction is expected to occur within the next 70 days. Completion, however, is subject to a number of conditions, including the receipt of approval from the Chinese government.
Zhenjiang Yue, chairman and CEO of China Aoxing. "With Shijiazhuang Lerentang's integration, we will execute a key part of our business strategy by acquiring an established brand, profitable business, and synergistic product portfolio with significant commercialization value."
Source: Datamonitor
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