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news.Global Pharm Holdings Group, a distributor of pharmaceutical-related products and traditional Chinese medicine (TCM) through its seven subsidiaries, has purchased TCM herbal pieces processing plant - Bozhou Xinghe Pharmaceutical.
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After the transaction, Global Pharm obtained the new business license for Bozhou Xinghe, with registered capital of $3.1m.
Under the terms of this acquisition, Global Pharm will pay a total consideration of up to $4.6m to the former shareholders of Bozhou Xinghe.
Global Pharm CEO Yunlu Yin said the acquisition represents a direct complement to their TCM plantation business in Bozhou and Jinan city by adding up an indispensable production capacity, so that their cultivated raw herbs can be processed directly at their own plant.
"The new plant will also allow us to customize some herbal pieces products upon distribution customers’ request, therefore, expanding our distributed product portfolio," Yin said.