Bayer Completes Capital Injection Into Topsun
This article was originally published in PharmAsia News
Bayer has completed its capital injection of 1.264 billion yuan ($180 million) into Topsun Science & Technology's subsidiary Qidong Gaitianli Medicine, known for its popular OTC cold and cough products. The deal transfers to Bayer all Gaitianli's products, manufacturing facilities and sales networks in China. At the same time, Topsun has begun to settle its debts, reassign markets and clear assets. According to Topsun's 2007 annual report, its sale of Gaitianli brings much-needed cashflow to pay off debts and ease other capital pressures. (Click here for more - Chinese language)
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