Alliance BMP gets Guangzhou business license
Beijing Med-Pharm says that Alliance BMP, a UK-based investment vehicle 80%-owned by Alliance Boots and 20% by itself, has received its business license from the Guangzhou, China, Municipal City Government's Bureau of Industry and Commerce on December 28, 2007.
Effective immediately, Alliance BMP will account for financial results from its 50% stake in Guangzhou Pharmaceuticals Corp, the third largest drug wholesaler in China. The accretive transaction is expected to close by the end of this month, at which point Beijing Med-Pharm will complete payment for its 20% stake in the joint venture and David Gao, its chief executive, will commence serving as chairman of GP Corp.
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