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news.Bio-Bridge Science has entered into a sale and purchase agreement with Xinheng Baide Biotechnology, a serum manufacturing company, pursuant to which Bio-Bridge has agreed to purchase newly issued shares of Xinheng Baide.
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After the equity issuance, Bio-Bridge shall control 51% of the outstanding capital stock of the Xinheng Baide Biotechnology (the seller) for a total cash purchase price of RMB6 million. The source of the cash to be used for subscribing to the new shares issued by the seller will be from working capital of Bio-Bridge. The sale and purchase agreement and related documents are subject to Chinese governmental approval. Bio-Bridge expects to close the deal at the end of May 2008.
Liang Qiao, chairman and CEO of Bio-Bridge, said: “Xinheng Baide will fit into our strategic plan by providing a potential steady, while growing, source of revenues to us, as well as providing a new distribution channel for our products.”