SHENZHEN, China--(BUSINESS WIRE)--Tongjitang Chinese Medicines Company (NYSE: TCM) (“Tongjitang” or the “Company”), a leading specialty pharmaceutical company focusing on the development, manufacturing, marketing and selling of modernized traditional Chinese medicine in China, today announced that it has completed the repurchase of an aggregate of 19.3 million ordinary shares of the Company in privately negotiated transactions. All of the sellers of these shares, namely ML Global Private Equity Fund, L.P., Merrill Lynch Ventures L.P. 2001, Samtung Investment Limited and Joyful Hub Limited, were non-affiliates and non-management investors in the Company. These repurchased shares constituted approximately 15 percent of the Company’s issued and outstanding shares before the transactions. Tongjitang repurchased these shares for approximately $19.8 million, or $4.10 per ADS.
