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news.China Sky One Medical, a manufacturer of over-the-counter pharmaceuticals for external use in the People's Republic of China and international markets, has closed its acquisition of Heilongjiang Tianlong Pharmaceutical.
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Under the terms of the agreement, China Sky One Medical’s wholly-owned subsidiary, Harbin Tian Di Ren Medical Science and Technology Company, acquired 100% of Talon’s outstanding capital stock for a cash payment of approximately $8 million and $300,000 of China Sky One Medical’s common shares.
As a result, China Sky One Medical acquired all of Tianlong’s assets, including approximately $0.5 million in inventory, land use rights, GMP-certified manufacturing facilities, state-of-the-art manufacturing equipment, a R&D center, 69 approved drugs (in 98 forms) and a portfolio of 38 new drugs, all of which have been submitted to the State Food and Drug Administration of China for approval.
Yan-qing Liu, chairman and CEO of China Sky One Medical, said: “We are excited about this strategic acquisition, which we expect to contribute to our earnings, broaden our product lines and enhance our manufacturing and R&D capabilities. We plan to use our extensive sales and marketing expertise and the benefits of scale to boost Tianlong’s sales and bottom line.”