-- The acquisition will solidify China Biologic's position as the largest non-state-owned supplier of plasma-based pharmaceutical products in China -- Company provides preliminary guidance for 2009 of revenues of $90 to
$100 million and net income of $18 to 22 million
TAIAN CITY, Shandong, China, Oct. 16 /Xinhua-PRNewswire-FirstCall/ --
China Biologic Products, Inc. (OTC Bulletin Board: CBPO) ("China Biologic"
or the "Company"), one of the leading plasma-based pharmaceutical companies
in the People's Republic of China ("PRC"), announced that on October 10,
2008, its indirect majority owned subsidiary, Shandong Taibang Biological
Products Co., Ltd. ("Taibang"), entered into an agreement to acquire 35% of
the equity interest in Xi'an Huitian Blood Products Co., Ltd. ("Huitian"),
a biopharmaceutical company based in Xi'an, Shaanxi Province from Mr. Fan
Qingchun (the "Shareholder"), a PRC citizen, for an aggregate purchase
price of RMB 44,000,000 (approximately $6.44 million). The transaction is
expected to be completed within two months.
Expected benefits of the acquisition include:
-- Increase in plasma supply and additional production capacity
-- Expansion into Shaanxi Province, which has had historically high
-- Additional synergies by leveraging overhead and research and
-- Solidifies position as the largest non-state-owned producer of plasma-
based products in China
"We are excited about the potential of this acquisition to further
strengthen our position in the plasma-based biopharmaceutical industry in
China. Following our recently announced transaction to acquire a 90%
controlling interest in Chongqing Dalin Biologic Technologies Co. Ltd.
("Dalin"), this will transform China Biologic into the largest
non-state-owned producer of plasma based products in China," said Mr. Chao
Ming Zhao, CEO of China Biologic Products. "We pl
|SOURCE China Biologic Products, Inc.|
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