Shanghai Baxter Up For Grabs
This article was originally published in PharmAsia News
Laden by bad bank debts, Shanghai Worldbest Treeful Pharmaceutical Group (SWTP) has put up for auction its 40-percent share of Shanghai Baxter, a joint venture with U.S. Baxter. Shanghai Baxter's core business of manufacturing and administration of intravenous products complements well with the key focus of rival Beijing Double-Crane Pharmaceutical (BDP)-the biggest intravenous product manufacturer in China-who went into a bidding war with U.S. Baxter at an auction on Jan. 25 for the shares. Baxter emerged the winner with its offer of 180 million yuan, five times higher than SWTP's $4.8 million initial payout for the shares. (Click here for more - Chinese Language)
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