|
The merged entity of China National Pharmaceutical Group (Sinopharm) and China National Biotech Group (CNBG) will maintain the China National Pharmaceutical Group name. Additionally, according to a Tiantan Biological company announcement September 23, CNBG\'s subsidiary, Tiantan Biological Products (SHA: 600161), will also undergo a name change to China Biotechnology Company (GBI translated).
The CNPG/CNBG merger has already been approved by both China\'s State Council and State-owned Assets Supervision and Administration Commission (SASAC). Sinopharm, a leading pharmaceutical company in China, generates 80% of its total revenue from its main business, medical distribution and is completed a USD 1.3 billion IPO on the Hong Kong exchange earlier this week. CNBG is a leading biotechnology company in China and generated RMB 4.9 billion in revenue and reported RMB 3.8 billion in net assets in 2008. CNPG or its affiliated institutes supply the majority of China\'s national immunization program (NIP) vaccines. |
