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Genesis Pharmaceuticals Enters Into Agreement to Purchase Hongrui Pharmaceuticals, and Acquire 22 New Traditional Chinese Medicines
Date:1/29/2009

Yimu granules to help ease labor pains

-- Laiyang Pear series - Laiyang Pear syrup and pulps to control coughs arising from various factors

-- Cold series - Syrup and granules, and Radix Isatidis granules, to help reduce fevers and control coughs

-- Pediatric series - Oral liquids to control children's coughs, asthma and fever

-- Traditional Cure series - Liuweidihuang pills to help improve memory, Aplotaxis Carminative pills for upset stomachs, and pills for a variety of liver and stomach ailments

Acquisition by Genesis

The acquisition of Hongrui by Laiyang will increase Genesis' product portfolio from 6 to 28 products during a time when the Chinese SFDA is tightening its standards and slowing down its approval process for new drugs. A larger number of TCM products will help increase the Company's presence in the OTC drug market and help balance Genesis' OTC sales with its sales of prescription drugs.

After the asset transfer is complete, Genesis will begin manufacturing, labeling and distributing the TCM products it purchased from Hongrui under its own brand name "Jiangbo." As a first phase, Genesis selected 11 Hongrui products to produce and distribute. These 11 TCM drugs have had the highest sales volumes and profit margins of all of Hongrui's products.

"After months of due diligence, we are pleased to enter into a purchase agreement with the Medicine College through which we will acquire Hongrui. Genesis is accelerating its growth by acquiring profitable products from Hongrui which we will manufacture and then distribute through our sales network. We estimate that this acquisition will increase Genesis' revenues by approximately RMB150 million, and net income by approximately RMB24 million, in the twelve months after closing," said Mr. Wubo Cao, CEO of Genesis. "We plan to integrate Hongrui's production and sales into our exis
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
Copyright©2009 PR Newswire.
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