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The Week in Review: Upping the Stakes
Tongjitang Chinese Medicines Company (NYSE: TCM) reported that it is still considering the buyout offer from a JV comprised of its Chairman/CEO and Fosun Industrial, the Hong Kong conglomerate (see story). The JV offered $4.50 per ADS on April 8, 2010 for every share its members do not already own. Mr. Xiaochun Wang, Tongjitang’s Chairman and CEO, now has a 51% stake in the company and Fosun owns an additional 32%. Tongjitang is currently trading hands at around $3.50 per share, a 22% discount to the current offer.
China’s Ministry of Commerce approved the merger between Swiss biopharma Novartis (NYSE: NVS) and eye-products company Alcon (NYSE: ALC), though it did require CIBA VISION, a division of Novartis, to terminate its Sales and Distribution Agreement with HaiChang, one of the largest contact lens sellers in China, within the next 12 months (see story). The MoC said Novartis-Alcon together enjoy a 55% stake in the affected markets worldwide and a 60% share in China.
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