Pfizer to acquire Tianjin Tianyao Pharmaceutical
Chinese media reports that pharmaceutical giant Pfizer is negotiating with Tianjin Tianyao Pharmaceutical (SHA: 600488) for possible acquisition of the company.
Tianjin Tianyao Pharmaceuticals is China's biggest manufacturer of Glucocorticoid APIs and second only to Pfizer in world production. Tianyao generated revenues of RMB 698.9 million in 2007, and reported net income of RMB 26 million, a decrease of 42% compared with the same period in 2006. The company is regarded as an industry leader in China.
The Tianjin municipal government, which is trying to build a pharmaceutical park, has welcomed Pfizer into the city.