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news.Beijing Med-Pharm has announced that the Ministry of Commerce of the People's Republic of China has approved its acquisition of 63.3% of Shanghai Rongheng Pharmaceuticals. Beijing Med-Pharm expects to close the transaction in the first quarter of 2008.
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David Gao, CEO of Beijing Med-Pharm, said: “We believe Rongheng’s established, tier-one distribution network will bolster our national presence to include Shanghai, one of China’s most compelling healthcare markets. We will also gain access to Rongheng’s 400-plus product portfolio, which will make our existing offering even more robust.”