Aida’s subsidiary, Hanzhou Aida Pharmaceuticals, has acquired 43% of the institute from Jinou Medicine, while another of Aida’s subsidiaries, Changzhou Fangyuan Pharmaceutical, has acquired an additional 55% from Jiangyin Hi-tech Group. The transaction is expected to close shortly.
After the completion of the acquisition, Jiangsu Institute of Microbiology will become a subsidiary of Aida Pharmaceuticals. The acquisition is expected to yield multiple new products for Aida, including several that are already in clinical trials by China’s State Food and Drug Administration.
Jin Biao, chairman and CEO of Aida, said: “This acquisition will significantly strengthen the research resources of Aida. We are proud to have Jiangsu Institute of Microbiology in our group and I believe the acquisition will fortify our ability to be an innovative pharmaceutical company in China.”