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news.Laiyang Jiangbo Pharmaceutical, a limited liability company organized under the laws of People's Republic of China (PRC) and controlled by Jiangbo Pharmaceuticals through contractual arrangements, has signed a letter of intent (LOI) to acquire 100% of the outstanding equity of Shandong Xinkangqi Medical.
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Shandong Xinkangqi Medical distributes pharmaceuticals, traditional Chinese medicines, antibiotics, chemical drugs, biological products, disinfection products and chemical raw materials manufactured by more than 600 pharma companies to retail pharmacies, hospitals, medical centers and health clinics throughout Shandong Province.
Laiyang Jiangbo intends to conclude legal, operational and financial due diligence of Xinkangqi within a period of three months, including an assessment of Xinkangqi’s intellectual property, business operations, assets, liabilities, organizational structure, and contracts with other parties.
Following the signing of LOI, Laiyang Jiangbo has agreed to retain Xinkangqi’s current employees and management team after the transaction closes.
The acquisition is expected to be completed by the end of September 2011.
Jiangbo produces both western and Chinese herbal-based medical drugs in tablet, capsule, granule, syrup and electuary (sticky syrup) form.