American Oriental Bioengineering Inc. took a 38% position in China Aoxing Pharmaceutical Company Inc. as part of a deal under which the two companies will jointly develop and market narcotics and pain relievers in China. American Oriental will pay $18 million for 30 million shares of China Aoxing, a price of 60 cents per share. China Aoxing concentrates on highly regulated narcotic pain drugs. Only a few China biopharmas have permission to develop narcotic drugs. More details...

Stock Symbols: (NYSE: AOB) (OTCBB: CAXG)