November 16 -- Sichuan Kelun Pharmaceutical (002422) signed an agreement to purchase an 85 percent stake in Zhejiang Guojing Pharmaceutical for 246.5 million yuan, reports National Business Daily, citing a company filing.
The funds to acquire the stake were from the excess funds Sichuan Kelun raised from its initial public offering.
Zhejiang Guojing Pharmaceutical, a pharmaceutical company producing mainly infusion products, posted revenue of 108 million yuan and net profit of 360,000 yuan for fiscal year 2009.
Zhejiang Guojing Pharmaceutical recorded revenue of 71.1 million yuan and net profit of 1.16 million yuan during the first three quarters of 2010.
By the end of August 2010, Zhejiang Guojiang had a total asset value of 254 million yuan and net asset value of 26.28 million yuan.
