China Sky One buys Tianlong for $8M+

China Sky One Medical, a manufacturer, marketer, and distributor of over the counter pharmaceuticals for external use in China has signed an agreement to acquire Heilongjiang Tianlong Pharmaceutical, a topical drug manufacturing specialty pharmaceutical company.

Under the terms of the deal, China Sky One's wholly-owned subsidiary, Harbin Tian Di Ren Medical Science and Technology, will acquire 100% of Tianlong's operations for a cash payment of $8.0 million and common shares of the parent group worth around $300,000. In exchange, China Sky One will obtain Tianlong's $8.3 million in assets, which include $500,000 in inventory, land use rights, Good Manufacturing Practice-certified facilities, state-of-the-art production equipment, an R&D center, a portfolio of 69 approved drugs (in 98 forms) and a pipeline of 38 new drugs, all of which have been submitted to China's State Food and Drug Administration for approval. The acquisition is expected to close on or before March 31.