PLYMOUTH MEETING, Pa., Aug. 4 /PRNewswire-Asia-FirstCall/ -- BMP Sunstone Corporation (Nasdaq: BJGP) ("BMP Sunstone" or the "Company"), today announced that it has entered into an agreement to divest its 20% ownership stake in Alliance BMP Limited, the Alliance Boots subsidiary that holds a 50% interest in leading Chinese pharmaceutical wholesaler Guangzhou Pharmaceuticals Corporation ("GP Corp.").
David Gao, Chief Executive Officer of BMP Sunstone, stated, "Working alongside Alliance Boots, a leading international pharmacy-led health and beauty group, has been a very positive experience for us and I believe their ongoing commitment to the project speaks to the strength of the Chinese JV and unique growth opportunity for pharmaceutical distribution in Southern China. Furthermore this acquisition underlines Alliance Boots' international strategy and reaffirms their ongoing commitment to the Chinese market. I look forward to continuing to work alongside Alliance Boots and the GP Corp. team during my ongoing two-year tenure as Chairman of GP Corp."
Gao continued, "Since creating the Alliance BMP JV in 2008, BMP Sunstone
has significantly matured into a specialty pharmaceutical company with a
proprietary portfolio of branded pharmaceutical and healthcare products in
China. We have considerable access to the Southern China market given our
existing Wanwei and Rongheng platforms, and we remain committed to enhancing
our product sales in that geography through a variety of non-exclusive
channels, including GPC. Given that we are always evaluating our capital
deployment strategies so that we generate the highest growth and returns for
our shareholders, we believe our fastest path to enhance profitability is to
focus on new product launches and our brand strength. Additionally, we'll use
a portion of the proceeds fro
|SOURCE BMP Sunstone Corporation|
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