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China Medicine Corporation to Acquire Pharmaceutical Manufacturer in Guangzhou
Date:10/30/2009

GUANGZHOU, China, Oct. 30 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a developer and leading distributor of prescription and over-the-counter pharmaceuticals, traditional Chinese medicines ("TCM"), nutritional and dietary supplements, and medical devices and medical formulations, today announced that through its wholly-owned subsidiary in China, Konzern Pharmaceuticals, it has signed an equity transfer agreement (the "Transfer Agreement") to acquire 100% of equity interests in Sinoform Limited ("Sinoform"), a British Virgin Islands corporation, the sole shareholder of Guangzhou LifeTech Pharmaceuticals Co. Ltd. ("LifeTech"), a wholly-owned subsidiary of Sinoform. LifeTech is a developer, manufacturer and marketer of pharmaceuticals products and TCMs headquartered in Guangzhou, the People's Republic of China ("PRC").

Under the terms of the Transfer Agreement, China Medicine will acquire 100% of Sinoform's equity in LifeTech for a cash payment of RMB 57 million (US $8.3 million; 1 RMB = $0.1464) and the assumption of RMB 89.8 million ($13.2 million) in debt. Upon closing of the acquisition, China Medicine will obtain LifeTech's assets, appraised at RMB 174.3 million ($25.5 million), which include product licenses, permits, patents, land use rights, manufacturing facilities, state-of-the-art production equipment and a portfolio of 39 TCM and Western medicine products that treat a variety of illnesses, including two new products currently undergoing clinical trials. LifeTech's top-selling drug, Houerhuan Xiaoyan Capsules, for the treatment of throat infections and acute laryngitis, is projected to account for 66% of LifeTech's annual sales in 2009 and has a gross margin of 60-70%.

The acquisition is expected to close on or before December 31, 2009. Pursuant to the Transfer Agreement, the Company will pay approximately $0.549 million of the cash purchase pric
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SOURCE China Medicine Corporation
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