China Biopharma advances Enshi integration

Nanjing-based China Biopharmaceuticals Holdings, a leading Chinese pharmaceutical company focused on the development, manufacturing and distribution of innovative drugs, has reported progress towards the completion of the $16.0 million acquisition of all of the shares in RACP Pharmaceutical Holdings, and its wholly-owned subsidiaries, including Shenyang Enshi Pharmaceutical, from RimAsia Capital Partners (Marketletter May 29).

The company plans to complete the acquisition of Enshi within the next two weeks. Working with Enshi's current owners, CBH has assigned senior management staff to start the ownership transfer and operation transition procedures.

Commenting on the acquisition, CBH chief executive Chris Peng Mao stated: "I am very satisfied with the initial integration process and expect the completion of the acquisition to be smooth and successful. In addition to the closure of the Enshi deal, we are looking at additional opportunities for growth, through both acquisitions of undervalued assets as well as continued development of our robust organic growth drivers. We remain on track with our plans to develop CBH into one of the dominant players in the pharmaceuticals industry in China."