Investors welcome Shanghai Pharma’s new JV
Print Edition
SHARES of Shanghai Pharmaceutical Holding Co surged by the daily limit of 10 percent after the company said it was entering the digital age by setting up an online pharmaceutical service joint venture.
Shanghai Pharma will inject 70 million yuan (US$11.2 million) into the new company for a 70 percent stake while executives of the Shanghai Zhongxie Pharmaceutical will invest 30 million yuan. Shanghai Pharma, in a filing with the Shanghai Stock Exchange, said board members had voted in favor of the deal. Its shares closed at 21.01 yuan yesterday.
Zhongxie Pharmaceutical operates Shanghai Pharma’s trade unit of which its executive team is a majority shareholder.
The all-cash investment in the new joint venture would be used to set up an online sales platform for over-the-counter drugs and would combine offline retail resources of the company to better reach patients in the Internet era.
Shanghai Pharma is also exploring new drug sales approach that combines both the company’s online and offline capabilities as well as business solutions for pharmacies.
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