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Firm boosts stake to widen range
By Ding Yining |
March 13, 2013, Wednesday
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Print Edition
Print Edition
SHANGHAI Pharmaceutical will pay 444 million yuan (US$70.5 million) to raise its stake in Chiatai Qingchunbao Pharmaceutical Co Ltd as it seeks a broader product portfolio.
The company, listed in Shanghai and Hong Kong, will invest for a 20 percent stake in Chiatai Qingchunbao, raising its holding in the regional drug maker to 75 percent, it said in a statement yesterday.
The company also hopes to boost its profitability by increasing its stake in Chiatai Qingchunbao which specializes in cardiovascular medicines. Last year Chiatai Qingchunbao posted a profit of 185 million yuan on a revenue of 1.08 billion yuan.
Shanghai Pharma debuted on the Hong Kong stock market in May 2011 after raising HK$16 billion (US$2.06 billion) and has been eyeing merger and acquisition opportunities.
Shanghai Pharma acquired 100 percent of Changzhou Kony Pharma in 2012 to boost its manufacturing capability of special active pharmaceutical ingredients.
The company, listed in Shanghai and Hong Kong, will invest for a 20 percent stake in Chiatai Qingchunbao, raising its holding in the regional drug maker to 75 percent, it said in a statement yesterday.
The company also hopes to boost its profitability by increasing its stake in Chiatai Qingchunbao which specializes in cardiovascular medicines. Last year Chiatai Qingchunbao posted a profit of 185 million yuan on a revenue of 1.08 billion yuan.
Shanghai Pharma debuted on the Hong Kong stock market in May 2011 after raising HK$16 billion (US$2.06 billion) and has been eyeing merger and acquisition opportunities.
Shanghai Pharma acquired 100 percent of Changzhou Kony Pharma in 2012 to boost its manufacturing capability of special active pharmaceutical ingredients.
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