NEW YORK, NY and TONGHUA, CHINA--(Marketwire - January 26, 2012) - BioPharm Asia, Inc. (PINKSHEETS: BFAR) (the "Company") announced today that the company entered into an agreement to acquire Xiamen Tongji Hospital, a privately owned gynecology, obstetrics center based in Fujian province, China, for an undisclosed amount. Upon completion of the acquisition, BioPharm Asia will be responsible for the daily operation of the medical center. The deal is contingent upon approval from the Ministry of Commerce and is expected to close in the first quarter of 2012.
Tongji Hospital is a 300 patient bed hospital. Founded in 1993, with a well-echeloned staff structure, it offers a full range of gynecology services at a convenient geographic location. The acquisition of Xiamen Tongji Hospital accelerates BioPharm Asia's strategy, which aims to increase the accessibility of patient care for big cities with underserved, growing affluent middle class in China.
"BioPharm Asia continues to invest in the key emerging markets such as Xiamen where the combination of growing populations and increasing income are driving demand and expectations for better healthcare treatment," said Xiayang Hu, president of BioPharm Asia, Inc. "Our new acquisition further underscores our intention to serve the health needs of Xiamen patients through our specialized services and, increasingly, high-quality branded generic treatments that are locally produced to global standards."
"As China's economy has continuously made stride in recent history, a rising middle class with greater spending power demands higher quality of healthcare, but the truth is that they don't have many alternatives to choose. The company's new marketing plans should be able to make inroads with increasingly health-conscious urban customers."
About BioPharm Asia, Inc.
BioPharm Asia, Inc. is engaged in the retail sale of medical products in China, complemented by vertically integrated supporting functions that include the cultivation of Chinese herbal medicines, pharmaceutical production and wholesale medicine distribution. For more information, please visit http://www.biopharmasiainc.com.