Sino Biopharmaceutical plans to sell a controlling stake in CP Pharmaceutical unit to Guoxin Group. The deal is worth around $253 million.
On Tuesday, Hong Kong-listed Sino Biopharmaceutical announced it would sell a 67% ownership in CP Pharmaceutical (Qingdao) for 1.82 billion yuan ($253.28 million) to Guoxin Group businesses.
In a Hong Kong Stock Exchange filing, Sino Biopharmaceutical claimed it will retain 26% of CP Qingdao following the disposal.
China-based CP Qingdao develops, manufactures, and sells osteoporosis and marine medications.
The deal allows Guoxin Group to enter the marine biological medicines market. Sino Biopharma said.
The disposal should net the corporation 1.60 billion yuan, subject to audit. ($1 = 7.1858 CNY)
Conclusion
Hong Kong-listed Sino Biopharmaceutical will sell 67% of CP Pharmaceutical to Guoxin Group for 1.82 billion yuan ($253.28 million). Sino Biopharmaceutical expects to receive 1.60 billion yuan from the disposal to enter the marine biological medicines market.
