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news.BMP Sunstone has announced that its wholly-owned subsidiary, Sunstone Pharmaceutical, has signed a non-binding letter of intent to acquire 75% of Zhangjiakou Shengda Pharmaceutical, Zhangjiakou Pharmaceutical Group for up to RMB30 million.
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Terms of the acquisition are not yet finalized, as completion is subject to a number of conditions including finalization of due diligence and definitive documentation.
The company intends to use the cash available at Sunstone to fund the acquisition and expects to complete the acquisition by the end of the fourth quarter of 2008. The letter of intent also includes a six month exclusivity clause.
Zhiqiang Han, president and COO of BMP Sunstone, said: “We look forward to the partnership with Shengda. While we are not interested in entering the low-end generic antibiotics market, the Shengda products we intend to acquire specifically target the oral pediatrics market.”