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Genesis Pharma Buys TCM Manufacturer for $12.2 Million

publication date: Feb 2, 2009
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Genesis Pharmaceuticals Enterprises (江波制药) will pay $12.2 million to acquire most of the assets of Shandong Chinese Traditional Medicine College and its wholly owned subsidiary, Hongrui Pharmaceuticals, Ltd. Hongrui brings with it a portfolio of 22 TCM drugs. In the first twelve months after the acquisition closes, Genesis expects the Hongrui products will increase revenues by 150 million RMB ($19.2 million). Net income should climb by about 24 million RMB ($3 million) during the same period. More details...

Stock Symbol: (OTCBB: GNPH)




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