Law & Health Weekly
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American Oriental Bioengineering
Agreement signed to acquire Chinese state-owned pharmaceutical firm
June 26th, 2004
American Oriental Bioengineering, Inc., (AOBO) announced the signing of a legally binding letter of intent to acquire Heilongjiang Songhuajiang Pharmaceutical Limited (HSPL), a Chinese state-owned pharmaceutical company. AOBO expects the acquisition to add approximately $6 million in revenue annually and roughly $15 million in net assets. The primarily cash acquisition is not anticipated to cause any dilution to AOBO shareholders. With over 50 years of operations, HSPL is a well-known Chinese state-owned pharmaceutical company located in Heilongjiang province. The company has approximately 500 employees with a strong in-house research and development...
Source: Law & Health Weekly (2004-06-26)
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