All required legal procedures with the relevant Chinese government regulatory and audit procedures have been completed and the title ownership of 100% of Enshi has been passed to China Biopharmaceuticals (CHBP).
“With 2005 revenue of $11.3 million and net income of $5.1 million, Enshi will have a positive impact on CHBP’s financial and market profile, and further demonstrates our strategy of growth through accretive, value-enhancing acquisitions,” said Chris Mao, CHBP CEO.
China Biopharmaceuticals is a research-driven pharmaceutical company dedicated to the discovery, development, manufacturing and marketing of small and large molecule pharmaceutical products, including medicines, vaccines, and active pharmaceutical ingredients for various categories of diseases. It is a US public company with operating subsidiaries and senior management based in China.
Shenyang Enshi Pharmaceuticals, meanwhile, is based in Shenyang, China, and is engaged in the manufacturing and distribution of pharmaceutical products.