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news.Hutchison China MediTech has announced the intended increase in its ownership of Hutchison Healthcare, one of the three joint ventures which comprise Chi-Med's China healthcare division, from approximately 68% to 85%.
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Hutchison China MediTech’s (Chi-Med) China healthcare division comprises three joint venture businesses, one of which is Hutchison Healthcare (HHL), which produces health food products, including Zhi Ling Tong infant nutrition product range.
Chi-Med’s wholly-owned subsidiary, Pioneer Leader has entered into a conditional agreement with Masson Group Company to buy-out the approximately 17% equity interest held by Masson in HHL for a total cash consideration of RMB2.8 million.
Christian Hogg, CEO of Chi-Med, said: “HHL is a core part of our overall China healthcare division – its Zhi Ling Tong product range and licenses last year grew 100% to $3.7 million in 2007. We are therefore delighted to be able to increase our equity interest in this important strategic joint venture.”