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General Technology Gets Approval For Henan Topfond Acquisition

This article was originally published in PharmAsia News

Executive Summary

General Technology (Genertec) has received approval from China Securities Regulatory Commission to acquire Henan Topfond Pharmaceutical Group, and restructuring of both companies is now underway (PharmAsia News, Oct. 20, 2008). According to their agreement signed in June 2008, Genertec will inject RMB 500 million into Topfond during the first phase, and increase funding to RMB 3 billion for the following years in tandem with the latter's development. Topfond's capability in drug R&D and production is what Genertec needs for its pharmaceutical strategy, identified as one of four key industries. Meanwhile, Genertec can tap on its group funds, marketing channels and resources to help Topfond enhance its competitiveness. (Click here for more - Chinese language)
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