Genesis Pharmaceuticals Enterprises, Inc. Buys TCM Manufacturer for $12.2 Million
2/5/2009 10:38:11 AM
February 2, 2009 -- Genesis Pharmaceuticals Enterprises (????) will pay $12.2 million to acquire most of the assets of Shandong Chinese Traditional Medicine College and its wholly owned subsidiary, Hongrui Pharmaceuticals, Ltd. Hongrui brings with it a portfolio of 22 TCM drugs. In the first twelve months after the acquisition closes, Genesis expects the Hongrui products will increase revenues by 150 million RMB ($19.2 million). Net income should climb by about 24 million RMB ($3 million) during the same period. More details...