Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Huifeng Bio- Pharmaceutical Technology, a developer and producer of plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production in Xi'an, China, has signed a formal exclusive management agreement with Xi'an Qinba Xintong Medical.
Subscribe to our email newsletter
The company has previously announced a letter of intent to enter into a contractual arrangement with Qinba. Under the terms of this arrangement, Huifeng will assume operational control of Qinba and will receive a management fee equal to 70% of Qinba’s total profit.
Jing’An Wang, CEO and founder of Huifeng, said: “This is Huifeng’s first step toward our vertical integration strategy, and we intend to transform the company from a producer of raw materials for the traditional Chinese medicine industry to a full-scale pharmaceutical company supplying end products to consumers worldwide.
“As a franchiser of finished medical devices, Qinba will give Huifeng immediate access to pharmacy and medicine buyers. With this management agreement, Huifeng has taken the first step toward positioning itself for synergistic growth beyond its core revenue base.”