Beijing Med-Pharm Corporation
Beijing Med-Pharm Announces That Alliance BMP Limited Has Received MOFCOM Approval to Acquire Interest in Guangzhou Pharmaceutical Corporation
Published in Healthcare Finance, Tax and Law Weekly, August 15th, 2007
Beijing Med-Pharm Corporation (Nasdaq:BJGP) announced that the Ministry of Commerce (MOFCOM) of the People's Republic of China has approved Alliance BMP Limited's acquisition of a 50 percent stake in Guangzhou Pharmaceuticals Corporation (GP Corp.), the third largest pharmaceutical wholesaler in China. Alliance BMP Limited is a UK-based investment vehicle 80 percent-owned by Alliance Boots plc, Europe's leading pharmacy-led health and beauty group, and 20 percent-owned by Beijing Med-Pharm.
The transaction, in which Alliance BMP Limited will make a total capital investment of RMB 545 million ($72.2 million) in cash in exchange for a 50 percent ownership interest, is...
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