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news.BMP Sunstone has received the new business license for BMP Sunstone's establishment of an enterprise with foreign investment in the People's Republic of China, from the Shanghai Administration for Industry and Commerce.
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With receipt of this license, the company has completed the acquisition of 63.3% of Shanghai Rongheng Pharmaceutical.
Shanghai Rongheng International Trade of Orient International, CAS Shanghai Shenglongda Biotech Group and one other individual own the remainder of Rongheng.
David Gao, CEO of BMP Sunstone, said: “Through this acquisition, BMP Sunstone will gain direct coverage of 80% of the top-tier hospitals and 40% of the retail pharmacies in Shanghai, which enable us to penetrate the market more effectively and increase our market share in this important city.”