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» 23/07/2009 [Company watch]
China Aoxing Pharmaceutical Corp. Receives Renewal of GMP Certification for Capsule Dosage Form of Pharmaceutical Products
» 15/03/2010 [Industry news]
Recordati S.p.A And Lee Pharmaceutical Announce Partnership For Zanidip(R) In China
» 26/10/2009 [Finance]
China Growth to Remain Fast in Fourth Quarter, Official Says
» 17/08/2009 [Industry news]
Chindex Posts Profit on Product Sales, Health Services
» 07/05/2010 [Industry news]
Hong Kong: Recall of all products manufactured by Quality Pharmaceutical Lab Ltd
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China Biopharmaceuticals Holdings »12/10/2009 [Company watch]
NeoStem, Inc. Confirms Acquisition of China Biopharmaceuticals Holdings, Inc. and a Controlling Interest in Leading Chinese Pharmaceutical Company

NeoStem, Inc., which is pioneering the pre-disease collection, processing and long-term storage of adult stem cells for future medical need, announced today that the United States Securities and Exchange Commission has declared effective its Registration Statement on Form S-4 filed with the Commission.

 
NeoStem, Inc., which is pioneering the pre-disease collection, processing and long-term storage of adult stem cells for future medical need, announced today that the United States Securities and Exchange Commission has declared effective its Registration Statement on Form S-4 filed with the Commission. The Registration Statement, including the joint proxy statement, is being used in connection with NeoStem\'s acquisition of China Biopharmaceuticals Holdings, Inc. . It is anticipated that this acquisition will expand the capabilities and worldwide reach of NeoStem. China Biopharmaceutical\'s primary asset is a 51% ownership interest in Suzhou Erye Pharmaceutical Co. Ltd. (\"Erye\"), located in Suzhou, China which in 2008 generated gross revenues of approximately $50 million (US) and net income of approximately $8,000,000 (US). NeoStem\'s 51% controlling interest in Erye will enable it to benefit from the over 100 drugs on seven GMP lines, including small molecule drugs being manufactured by Erye. Erye has been in business for more than 50 years and is respected for its quality, service and reliability. Erye has begun its three year expansion and relocation program which is anticipated to enhance revenues, profits, and manufacturing capabilities in one of the fastest growing medical markets, the Peoples Republic of China. The acquisition is subject to customary closing conditions, including approval by the shareholders of each company at meetings of shareholders scheduled for October 29, 2009. Robin Smith, MD, CEO of NeoStem further commented, \"We are excited to bring this transaction to our shareholders for a vote and, subject to their approval, begin our collaboration with Suzhou Erye Pharmaceutical Co. Ltd. as we believe it will open new markets, distribution channels and capabilities for production of stem cell related products in the world\'s fastest growing economy. We will work with existing Erye management to bring new technologies and enhance their drug pipeline.\" \"Our manufacturing facility relocation, which is being self funded by the net profits from the joint venture until anticipated completion of the relocation in 2011, will allow us to expand manufacturing of small molecule drugs and distribute into China, realizing what could be a tremendous market potential,\" said Madame Zhang, General Manager of Erye.

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