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China General Technology To Acquire Henan Topfond Pharmaceutical

This article was originally published in PharmAsia News

Executive Summary

Henan Topfond Pharmaceutical Group will be transferring all its stake in Henan Topfond Pharmaceutical to state-owned China General Technology (Group) Holding (Genertec). Topfond Pharmaceutical needs funds urgently, while cash-rich Genertec has no pharmaceutical assets. The latter has been courting another drug company, Huabei Pharmaceutical, for some time but without success. According to sources, Genertec will inject approximately 3 billion yuan into Topfond to incorporate it as a development platform for pharmaceutical business. However, the deal needs the approval of State-owned Assets Supervision and Administration Commission of the State Council. To date, both parties have not signed any official collaboration agreement. (Click here for more - Chinese Language)

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