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Fosun Pharma Out To Acquire Tongjitang Chinese Medicines

This article was originally published in PharmAsia News

Executive Summary

Fosun Pharma recently announced that its subsidiary Fosun Enterprises has bought more shares in Tongjitang Chinese Medicines (PharmAsia News, Nov. 24, 2008). This represents Fosun Enterprises' eighth purchase of Tongjitang since last November. As of Jan. 26, the firm has acquired a total of 4.45 million American Depository Shares in Tongjitang with $14.08 million, which accounts for 13.18 percent of the total ordinary shares issued by the latter. Fosun Pharma still insists the move is for investment purposes, while Tongjitang claims ignorance. However, industry analysts speculate that Fosun Pharma is likely to force Tongjitang through acquisition to delist from the U.S. market and return to A-share; the former will then list its TCM assets through both parties' collaboration. (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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