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Harbin Gloria Pharmaceuticals (002437.SZ) In $170 Million Deal To Acquire Huatuo Medical Science


2/24/2014 9:07:59 AM

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by Richard Daverman, PhD

February 21, 2014 -- Harbin Gloria Pharma acquired Shanghai Huatuo Medical Science through a series of purchases with at least 75 shareholders. All together, Gloria paid 993.1 million RMB for a 90.9% stake in Huatuo, though it owns 98.9% of the company (it did not disclose the price on an 8% purchase). Huatuo has committed to producing profits of at least 106 million RMB in 2014. Gloria said the purchase price works out to a price/earnings ratio of 9.6, implying a purchase price of just over 1 billion RMB ($170 million). More details....

Stock Symbol: (SHE: 002437)

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