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- Acquisition to Expand Company's Market Position and Portfolio in Pain
Management -
NEW YORK, March 12 /PRNewswire-FirstCall/ -- China Aoxing Pharmaceutical Company, Inc. (OTC Bulletin Board: CAXG), which has the largest manufacturing facility and product pipeline for highly regulated narcotic medicines and pain medication in China, today announced that Hebei Aoxing Pharmaceutical Group Company, the subsidiary of China Aoxing Pharmaceutical Company, signed a definitive acquisition agreement to acquire Shijiazhuang Lerentang Pharmaceutical Company Ltd. ("LRT"). LRT is a pharmaceutical company organized under the laws of China specializing in the manufacturing and distribution of modernized Chinese traditional medicines, with a strong portfolio of pain management products. The definitive acquisition agreement contemplates that CAXG will acquire 100% ownership of LRT. The purchase price will be paid 80 million RMB (approximately $10.8 million) in cash and 8 million shares of the Company's common stock. Completion of the transaction is expected to occur within the next 70 days. Completion, however, is subject to a number of conditions, including the receipt of approval from the Chinese government.
LRT, based in Shijiazhuang City, Hebei Province, China, was founded in
1935. It is a profitable company with the total product sales of
approximately $9 million for the year ended December, 2007. LRT currently
has 127 SFDA-approved products in its portfolio and has developed a rich
line of pain management drugs in pills, tablets, capsules, oral solutions
and other formulations. LRT's best selling product is the Zhong Tong An
Capsules, an effective pain medicine developed solely by LRT to relieve
dental pain, sore throats and oral ulcers. Zhong Tong An Capsules accounted
for approximately 50% of LRT's total revenue in 2007. LRT currently has 52
products listed in the first and second classes of the National Medical
Insurance
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| SOURCE China Aoxing Pharmaceutical Company, Inc. Copyright©2008 PR Newswire. All rights reserved |
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