Mudanjiang Youbo Pharma agreed to be acquired by Jiuzhitang Co. in exchange for $1 billion of Jiuzhitang's stock. Both companies offer TCM products. The transaction is a reverse takeover with Youbo the surviving company. Zhenguo Li, the manager of Youbo, will purchase an additional 83.5 million shares of Jiuzhitang for $242 million, representing 14% of the new company. Combined with the shares from his Youbo stake, he will have a controlling 42% stake in the combined company.
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