PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--Beijing Med-Pharm Corporation (NASDAQ: BJGP) today announced that Alliance BMP Limited, a UK-based investment vehicle 80 percent-owned by Alliance Boots plc, and 20 percent-owned by Beijing Med-Pharm, received its business license from the Guangzhou Municipal City Government’s Bureau of Industry and Commerce on December 28, 2007. Effective immediately, Alliance BMP Limited will account for financial results from its 50 percent stake in Guangzhou Pharmaceuticals Corporation (“GP Corp.”), the third largest pharmaceutical wholesaler in China. The accretive transaction is expected to close by the end of January 2008, at which point Beijing Med-Pharm will complete payment for its 20 percent stake in the joint venture and David Gao, Beijing Med-Pharm’s Chief Executive Officer, will commence serving as Chairman of GP Corp.
