Harbin Gloria Pharmaceuticals Acquires Shanxi Powerdone For $380 Million

Harbin Gloria Pharma will pay $380 million to acquire an 85% stake in Shanxi Powerdone, which makes chemical drugs and compound preparations. To pay for the transaction, Gloria will raise $960 million in a private placement. In addition, Gloria will allocate another $183 million in capex to several company infrastructure improvements. And, two months ago, Gloria spent $24 million to acquire the remaining 30% stake in Guangzhou Xinhuacheng Biotech, gaining a production base for ginkgolide B injections.

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