Winteam Pharma acquires Tongjitang Chinese Medicines for 2.64 bln yuan
HONG KONG, Sept 18
HONG KONG, Sept 18 (Reuters) - Winteam Pharmaceutical Group Ltd said on Wednesday it had acquired the entire issued share capital of Tongjitang Chinese Medicines Company for 2.64 billion yuan ($431.27 million).
In a statement issued on the Hong Kong Exchanges and Clearing website, Winteam said it would acquire the stake in Tongjitang Chinese Medicines, owner of Guizhou Tongjitang Pharmaceutical Limited, from two corporate entities; Hanmax, owned by Wang Xiaochun; and Fosun, for 2.64 billion yuan.
Fosun is wholly owned by Shanghai Fosun Pharmaceutical Group .
The Hanmax sale shares and the Fosun sale shares represent 67.9 percent and 32.1 percent equity interests in Tongjitang Chinese Medicines respectively, the statement said.
The statement added that Tongjitang is "a leading specialty pharmaceutical company focusing on the development, manufacturing and marketing of modernized traditional Chinese medicines" in China. ($1 = 6.1215 Chinese yuan) (Reporting by James Pomfret; Editing by Louise Heavens)
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