Beijing Med-Pharm Co., Ltd. Signs Definitive Agreement for the Acquisition of Majority Interest in Shanghai Rongheng Pharmaceutical Co., Ltd.

PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--Beijing Med-Pharm Corporation (Nasdaq:BJGP) today announced that it has signed definitive agreements to purchase a majority interest in the Shanghai Rongheng Pharmaceutical Co., Ltd. (“Rongheng”) from Shanghai CAS Shenglongda Biotech (Group) Co., Ltd. (“Shanghai CAS”) and Shanghai Rongheng International Trade Co. Ltd. of Orient International (Holding) Co. (“Orient International”). The transaction is subject to a number of conditions including receipt of Chinese central government approval, and is expected to close by the end of the second quarter of 2007.