January 30, 2007 -- Beijing Med-Pharm, together with a British drug store chain and pharmaceutical distributor, Alliance Boots plc (LSE:AB), paid $69 million to buy 50% of Guangzhou Pharma, the third largest pharmaceutical wholesaler in China. Beijing Med-Pharm, located in Pennsylvania, is in the business of distributing western drugs to China. Alliance Boots owns 80% of the new venture, while Beijing Med-Pharma took the remaining 20%, though the CEO of Beijing Med-Pharm will be the Chairman of the new venture. The wholesale business of Guangzhou Pharma is concentrated in southern China, around Hong Kong. More details...
