Tiantan Biological Products To Acquire Chengdu Rongsheng Pharmaceuticals
This article was originally published in PharmAsia News
Executive Summary
Tiantan Biological Products will issue 18 to 22 million shares to China National Biotec Group's Chengdu Institute of Biological Products to acquire the latter's 51 percent stake in Chengdu Rongsheng Pharmaceuticals. At the same time, Tiantan will issue shares to CNBG's subsidiary National Vaccine & Serum Institute to obtain its 68,512.52-square-meter industrial land. Both issued shares are priced at RMB 14.43 per share. Furthermore, Tiantan will issue 50 to 75 million private shares to raise funds not exceeding RMB 1.5 billion ($218 million), of which RMB 200 million ($29.1 million) will be used to purchase Chengdu government's 39 percent stake in Chengdu Rongsheng and to invest in Tiantan's Daxing production base establishment. After the whole exercise, Tiantan will become China's largest blood-products company. (Click here for more - Chinese Language)
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