Aida Pharma buys China research inst

California, USA-based Aida Pharmaceuticals says it has taken over one of China's top microbiology research institutes, the Jiangsu Institute of Microbiology (JSIM). Aida's subsidiary Hanzhou Aida Pharmaceuticals purchased 43% of the Institute from Jinou Medicine, while another affiliate, Changzhou Fangyuan Pharmaceutical, acquired an additional 55% from Jiangyin Hi-tech Group. The transaction, financial terms of which were not disclosed, is expected to close shortly.

On completion, JSIM will become a subsidiary of Aida. The deal is expected to yield multiple new products for Aida, including several that are already in clinical trials by China's State Food and Drug Administration. Jin Biao, chief executive of Aida, noted: "this acquisition will significantly strengthen the research resources of Aida. We are proud to have JSIM in our group and I believe the acquisition will fortify our ability to be an innovative pharmaceutical company in China."

Located in Wuxi City in Jiangsu Province, JSIM has more than 30 scientists and engineers that have completed over 200 research projects. About 20 of these were developed as national-level key projects, as designated by the Chinese government.