H Fund Buys Shijiazhuang Pharmaceutical Group (China)
This article was originally published in PharmAsia News
Private equity firm H Fund has purchased China's sixth largest pharmaceutical company Shijiazhuang Pharmaceutical Group (SPG) from the government of Shijiazhuang city in Hebei Province for 870 million yuan. H Fund plans to invest 5 billion yuan in SPG to grow the company from around 6 billion yuan in revenue in 2006 to 15 billion yuan in revenue by 2012. H Fund is comprised of primary investors Legend Holdings and Goldman Sachs as well as other partners. Legend Holdings Chairman Liu Chuanzhi says Legend is investing in China's pharmaceutical industry because of its huge growth potential. He adds that he sees an opportunity for consolidation in China's pharmaceutical market because "enterprises are quite small and the industry is highly fragmented." SPG also owns more than 50 percent of Hong Kong-listed China Pharmaceutical Group. (Click here for more
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