Shanghai Pharmaceuticals acquires 100 pc stake in Kony Pharma

Shanghai Pharmaceuticals acquires 100 pc stake in Kony Pharma

8:47 PM, 8th February 2012
Shanghai Pharmaceuticals acquires 100 pc stake in Kony Pharma

SHANGHAI, CHINA: In order to enhance its strength in the manufacturing of special active pharmaceutical ingredients (API) and enrich its product portfolio, as well as to establish the manufacturing, research and development centre for special APIs, Shanghai Pharmaceuticals Holding Co Ltd has recently resolved to gain control in Changzhou Kony Pharma (Kony Pharma) and eventually to acquire 100 per cent of the equity interests. The purchase price will be determined based on the appraised total enterprise value of Kony Pharma at ¥300 million ($47.64 million).

Through the acquisition of Kony Pharma, the company will introduce several API products with high added value to enrich its current product portfolio. Furthermore, the company’s overall capacity in the research, development and manufacture of APIs in the antiviral therapeutic area will be greatly enhanced. Kony Pharma will serve as a major supplement to the Shanghai Xinghuo APIs base that is currently under construction. The company will fully leverage and consolidate the resources of Kony Pharma in areas like research and development, international registration and product sales after this acquisition.

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