Companies

Sinopharm may buy Nanjing Pharmaceutical - report

(Agencies)
Updated: 2010-04-07 16:34

Sinopharm, China's largest drug distributor, is considering acquiring Nanjing Pharmaceutical Group Ltd to expand its presence in eastern China, according to a media report.

Related readings:  China to be 3rd largest pharma market in 2011  Pharmaceutical giants eye China's booming market  Dream HK debut for Sinopharm  Sinopharm preparing $1.13b IPO: Sources

Sinopharm had entered into a framework agreement with Nanjing's municipal government, a controlling shareholder of Nanjing Pharmaceutical, 21st Century News Group reported on its website, citing an informed source.

Nanjing Pharmaceutical Group, parent of drugmaker and distributor Nanjing Pharmaceutical Co Ltd?and Jinling Pharmaceutical Co Ltd, owns?ten pharmaceutical manufacturing enterprises and operates a distribution network of more than 1,000 outlets in the mainland.

Sinopharm officials were not immediately available for comment.

 

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