Fosun Pharmaceutical Buys Stake In Tongjitang Chinese Medicines
This article was originally published in PharmAsia News
Fosun Enterprises, a subsidiary of Fosun Pharmaceutical, recently paid $7.42 million for 5.73 percent stake in Tongjitang Chinese Medicines. Fosun Pharmaceutical explained that the move was mainly for investment purposes; however, it does not discount keeping, increasing or selling the stock in future. Industry analysts think the deal may bring hope to Tongjitang, which has considered delisting from the New York Stock Exchange due to below-expectation performance since its listing in April 2007. (Click here for more - Chinese Language)
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As at Nov. 17, Fosun Enterprises has purchased a total of 2.5 million American Depository Shares in Tongjitang Chinese Medicines with $9.145 million. This accounts for 7.41 percent of the 135.34 million ordinary shares issued by Tongjitang at the end of last year (PharmAsia News, Oct. 27, 2008). Fosun Enterprises claims its acquisition is for investment purposes. Tongjitang, a TCM manufacturer, has a leading drug that fills the traditional medicinal space for treating osteoporosis. As of last June, the firm's total assets stood at RMB 1.63 billion ($238.79 million), with net equity of RMB 1.23 billion $180.19 million). Its revenue and net profit for the first half of this year were RMB 225.39 million ($33.01 million) and RMB 19.76 million ($2.89 million), respectively. (Click here for more - Chinese Language)
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