Tongjitang pays $8.8M for Anhui Jingfang

Shenzhen, China-based Tongjitang Chinese Medicines Co, which focuses on the development, manufacturing, marketing and selling of modernized  traditional Chinese medicine, has acquired 100% of privately-owned  Anhui Jingfang Pharmaceutical for 60.0 million renminbi ($8.8 million)  in cash.

Jingfang manufactures and sells more than 30 western and TCMs and,  according to its audited financial accounts, was profitable. It  achieved revenue of 56.1 million renminbi in 2007 and 40.7 million  renminbi in 2008. Its major sales-generating products are Fengshi Gutong  Capsules, designed to relieve pain caused by rheumatic arthritis, and  Jingshu Granules, to relieve stiffness and pain due to degenerative  osteoarthritis, contributing 30% and 40%, respectively to the firm's  sales.