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NeoStem Signs Definitive Agreement to Acquire Controlling Interest in a Leading Chinese Pharmaceutical Company
Date:11/3/2008

NEW YORK, Nov. 3 /PRNewswire-FirstCall/ -- NeoStem, Inc. (Amex: NBS), which is pioneering the pre-disease collection, processing and long-term storage of adult stem cells for future medical need, announced today that it has agreed to acquire China Biopharmaceuticals Holdings, Inc. (OTC Bulletin Board: CHBP). It is anticipated that this acquisition will expand the capabilities and worldwide reach of NeoStem. Suzhou Erye Pharmaceutical Co. Ltd. ("Erye"), the primary subsidiary of China Biopharmaceuticals is located in Suzhou, China and is currently tracking to generate revenues of approximately $50 million (US) and net over $7 million (US) in 2008. NeoStem will have a 51% controlling interest in Erye who currently manufactures over 100 drugs on seven GMP lines, including small molecule drugs. Erye has been in business for more than 50 years and is respected for its quality, service and reliability. Erye has begun its three year expansion and relocation program which is anticipated to enhance revenues, profits, and manufacturing capabilities in one of the fastest growing medical markets, the Peoples Republic of China.

"We are excited to work with NeoStem to bring new technologies and enhance our drug pipeline. Our facility relocation will allow us to expand manufacturing of small molecule drugs and distribute into China realizing what could be a tremendous market potential," said Madame Jiang, General Manager of Erye.

Robin Smith, MD, CEO of NeoStem further commented, "We are excited about our collaboration with Suzhou Erye Pharmaceutical Co. Ltd. as it will open new markets, distribution channels and capabilities for production of stem cell related products in the world's fastest growing economy."

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SOURCE Neostem, Inc.
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