Shanghai to acquire major stake in Changzhou Kony
Shanghai Pharmaceuticals has decided to acquire 70% stake in Changzhou Kony Pharm and the remaining 30% in the following two years to increase investment in special active pharmaceutical ingredients (APIs).
After the acquisition, Shanghai will allow Kony Pharma to enhance its EHS management system and step up its efforts in international certification.
Kony Pharma can leverage on relationships between Shanghai and its multinational peers to open up sales channels for existing products.
The deal is also expected to enrich anti-virus and cardiovascular product offerings of Shanghai.
Changzhou Kony is a manufacturer of APIs and pharmaceutical intermediates and mainly focuses on anti-virus and cardiovascular areas.
The company's major products, including valaciclovir and valsartan, are technologically advanced, cost effective with high gross margin and market share, the company said.
Shanghai executive director and chairman Lu Mingfang said the takeover of Kony Pharma will help them optimize the pharmaceutical industry chain and achieve synergy.
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