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news.Pharmaceutical wholesaler Guangzhou Pharmaceuticals Corporation has formed a joint venture with Alliance Boots after its shareholders voted to approve the deal.
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Guangzhou Pharmaceuticals Corporation (GP Corp.) has facilities located throughout Guangdong Province and southeast China.
The deal has been made through Alliance BMP which was formed by Beijing Med-Pharm and Alliance Boots in order to make additional investments in China.
“We look forward to tapping into the extensive distribution capabilities of GP Corp. in Southern China and to participating, with Alliance Boots, in the continued growth of one of China's most successful pharmaceutical distribution enterprises,” said David Gao, CEO of Beijing Med-Pharm.
The transaction is expected to close in the second half of 2007 and will increase Alliance Boots' wholesale presence to 15 countries.