Porton Fine Chemicals Pays $41.5 Million To Acquire Dongbang Pharma

Porton Fine Chemicals of Chongqing will acquire Jiangxi Dongbang Pharmaceutical Co., Ltd. for $41.5 million. Both companies are contract manufacturers of intermediates. The purchase will be paid with $16 million in cash and the remainder in stock. To pay for the acquisition, Porton raised as much as $11 million through a private placement. Founded in 2002 by returnees who worked at AkzoNobel, Porton specializes in chiral technology.

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