Shyndec (600420.SS) Pays $49 Million For 30% Of Rongsheng Pharma
3/3/2014 9:09:20 AM
by Richard Daverman, PhD
February 28, 2014 -- Shanghai Shyndec Pharmaceutical will acquire the 30% stake in Sinopharm Rongsheng Pharma it doesn’t already own for $48.8 million. Before the transaction, Rongsheng was already contributing almost half of Shyndec’s profits. The closing of the transaction will raise Shyndec’s profits by 20%. Both companies are part of China’s state-owned pharmaceutical giant Sinopharm. More details....
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