NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- NeoStem, Inc. (NYSE Amex: NBS), announced today that it has sent the following letter to its shareholders, discussing the Company's acquisition, on October 30, 2009, of China Biopharmaceuticals Holdings, Inc. (CHBP), an integrated bio-pharmaceutical company based in the People's Republic of China. The merger gives NeoStem a controlling 51% interest in Suzhou Eyre Pharmaceutical Co. Ltd., CHBP's primary operating subsidiary and a prominent and profitable China pharmaceutical company. The letter outlines NeoStem's near-term and long-term business strategies following this acquisition.
The Letter to Shareholders follows:
November 18, 2009
Dear Fellow Shareholders:
The completion on October 30, 2009 of our merger with China Biopharmaceuticals Holdings, Inc. is a major milestone and accomplishment for NeoStem. The net effect of the merger is our acquisition of a controlling 51% interest in Suzhou Erye Pharmaceuticals ("Erye"), a China-based pharmaceutical company with revenues on track to exceed $60 million in 2009. This marks our transition to being a vertically integrated, biopharmaceutical development and distribution company with an effective platform for significant growth in China, which is one of the world's most dynamic consumer markets. I intend to use this letter to our shareholders to clarify NeoStem's near term and long term business strategies.
NeoStem has evolved from its beginnings as a one-dimensional healthcare services company with nominal revenues to a multi-dimensional biopharmaceutical company with state-of-the-art capabilities in stem cell collection, processing, cryopreservation, and therapeutic development and pharmaceutical drug development and distribution, with significant revenues.
Erye is expanding its researc
|SOURCE NeoStem, Inc.|
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