• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

The Special Committee of the Board of Directors of Tongjitang Appoints Morgan Stanley Asia Limited As Its Financial Advisor

Posted on: Wednesday, 26 March 2008, 09:00 CDT

The special committee of the Board of Directors of Tongjitang Chinese Medicines Company ("Tongjitang" or "the Company"; NYSE: TCM), comprising the Company's two independent directors, Dr. Harry K. Genant and Mr. David Ray White (the "Special Committee"), announced today that Morgan Stanley Asia Limited ("Morgan Stanley") has been appointed as its financial advisor.

Morgan Stanley will assist the Special Committee in its evaluation of the proposal by Mr. Xiaochun Wang and Mr. Yongcun Chen to acquire all of the outstanding ordinary shares of the Company (including ordinary shares outstanding in the form of American Depositary Shares) not owned by Mr. Xiaochun Wang, Mr. Yongcun Chen or their affiliates in a scheme of arrangement transaction under Cayman Islands law that would result in the Company becoming a privately-held company.

About Tongjitang Chinese Medicines Company

Tongjitang Chinese Medicines Company, through its operating subsidiaries Tongjitang Pharmaceutical, Tongjitang Distribution, Tongjitang Chain Stores, and Tongjitang Planting, is a vertically integrated and profitable specialty pharmaceutical company focusing on the development, manufacturing, marketing and selling of modernized traditional Chinese medicine in China. Tongjitang's principal executive offices are located in Shenzhen, China.

Tongjitang's flagship product, Xianling Gubao, is the leading traditional Chinese medicine for the treatment of osteoporosis in China as measured by sales in Renminbi amounts. In addition to Xianling Gubao, the company manufactures and markets 10 other modernized traditional Chinese medicine products and 37 western medicines. Visit www.tongjitang.com for more information.

Source: Business Wire

More News in this Category