Alliance Boots adds to portfolio

02 August, 2007

Beeston-based Alliance Boots has been informed that the Ministry of Commerce (MOFCOM) of the People's Republic of China has approved Alliance BMP Limited's acquisition of a 50% stake in Guangzhou Pharmaceuticals Corporation (GP Corp), the third largest pharmaceutical wholesaler in China.

Alliance BMP Limited is a UK-based investment vehicle 80%-owned by Alliance Boots, Europe's leading pharmacy-led health and beauty group, and 20%-owned by Beijing Med-Pharm, a US-listed pharmaceutical marketing and distribution company.

The transaction, which is still conditional upon various matters including GP Corp obtaining a revised business licence, is expected to close before the end of the calendar year.

Guangzhou Pharmaceutical Company Ltd is principally engaged in the manufacture and sale of Chinese patent medicine; wholesale, retail, import and export of western and Chinese pharmaceutical products and medical apparatus; and research and development of natural medicine and biological medicine.

By CM.

Share on Facebook

advertisers