November 2, 2009 -- NeoStem, Inc. announced it has closed its acquisition of China Biopharmaceuticals Holdings, Inc. China Biopharma’s sole asset is a 51% stake in Suzhou Erye Pharmaceutical Co., a 50-year old pharmaceutical company that expects to generate $60 million in revenue and net income of $12 million in 2009. The deal has been in the works for most of the past year. NeoStem is a stem cell storage company based in the US, while Suzhou Erye Pharma boasts a portfolio of 100 products on seven cGMP lines that it markets in China. More details...
