BMP Sunstone's Rongheng buy completes

BMP Sunstone (formerly called Beijing Med-Pharm) says that it has received a New Business License to establish an enterprise with foreign investment in China, from the Shanghai Administration for Industry and Commerce. With this license, the company has completed the acquisition of 63.3% of Shanghai Rongheng Pharmaceutical (Marketletter February 11). Shanghai Rongheng International Trade of Orient International (Holding), CAS Shanghai Shenglongda Biotech Group and one other individual own the remainder of Rongheng.

David Gao, chief executive of BMP Sunstone stated: "we are very pleased to complete the Rongheng acquisition, which is one more important step in our corporate mission to control direct access to the high end pharmaceutical markets in Beijing, Shanghai and the Guangdong province. These areas are China's top pharmaceutical markets and generate roughly 60% of all high-end pharmaceutical imports into the country. Through this acquisition, BMP Sunstone will gain direct coverage of 80% of the top-tier hospitals and 4% of the retail pharmacies in Shanghai, which enable us to penetrate the market more effectively and increase our market share in this important city."