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Alliance BMP Limited Completes Guangzhou Pharmaceutical Co. Ltd. Joint Venture


1/29/2008 9:19:55 AM

PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--Beijing Med-Pharm Corporation (NASDAQ: BJGP) today announced that Alliance BMP Limited, a UK-based investment vehicle 80 percent-owned by Alliance Boots Ltd., and 20 percent-owned by Beijing Med-Pharm, has completed its acquisition of a 50 percent stake in Guangzhou Pharmaceuticals Corporation (GP Corp.), one of the largest pharmaceutical wholesalers in China. The transaction involved a total capital investment of RMB 545 million ($74.6 million, as of the determination date for the closing payment) in cash paid to GP Corp. in exchange for a 50 percent ownership interest in GP Corp. Alliance BMP holds four of the eight GP Corp. board seats.

Read at BioSpace.com


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