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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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VENTURE PHARM SERVICE--VPScro
»17/06/2009 [Company watch]
Venturepharm NASDAQ Flagship Commonwealth Biotechnologies, Inc. Announces Agreement to Acquire Largest Peptide Biotech Company in China

Venturepharm is pleased to inform that its NASDAQ flagship company, Commonwealth Biotechnologies, Inc, has executed an agreement to acquire all of the outstanding shares of a privately owned Shanghai-based chemical company

 
Venturepharm Laboratories Ltd is pleased to inform that its NASDAQ flagship company, Commonwealth Biotechnologies, Inc, has executed an agreement to acquire all of the outstanding shares of a privately owned Shanghai-based chemical company and the largest supplier of research-grade peptide products and peptide reagents globally. Over the past 5 years, the ACQUIRED COMPANY and related businesses have demonstrated compound annual revenue growth of over 40%. Based on the results of an independent financial due diligence report, they reported 2008 revenues of over $13 million and net income after tax of approximately $2 million. The proposed transaction would be a transformative deal for CBI, providing it with a strong balance sheet, significant free cash flows and propelling it into a position of dominance in the research-grade custom peptide market. The parties are currently negotiating a definitive agreement to be executed at a later date, and this transaction is subject to the completion of PCAOB-qualified audits of the ACQUIRED COMPANY and the approval of CBI shareholders and lenders. According to Bill Guo, Chairman and CEO of Venturepharm group, the merger represents a perfect combination of top global pharma brand and technology with China biotech and pharmaceutical leader and its cost advantages, and will create a global market leader in research-grade custom peptides. The transaction has the potential to generate enormous value for CBI shareholders, including Venturepharm Laboratories Ltd. The ACQUIRED COMPANY has demonstrated outstanding revenue and income growth over the last ten years and is now the clear global leader in the research-grade peptide market. The ACQUIRED COMPANY brings to CBI an outstanding debt-free balance sheet, significant free cash flows, clear synergies with CBI existing peptide business unit Mimotopes (Venturepharm\'s peptide flagship company in Australia and a world respected peptide research and development leader which has extensive business cooperation with global pharma giants such as Genzyme) and its existing Chinese operations through Venturepharm (Asia), and provides for significant continued growth opportunities in the rapidly expanding peptide outsourcing market. CBI Management believes that the planned acquisition of the ACQUIRED COMPANY will create the largest supplier of research-grade peptides in the world. Based on 2008 results, the combined company had peptide-related sales of $17 million out of the estimated $100 million global market for non-GMP custom peptides. This information is based upon audited financial statements of CBI and unaudited financial statements of the ACQUIRED COMPANY. We are very excited about the potential of combining the ACQUIRED COMPANY and CBI, particularly because it strengthens an already significant ongoing relationship between Mimotopes and the ACQUIRED COMPANY. We believe that the addition of talented new staff, our complimentary commercial relationships and our respective global sales and marketing strategies will mean that the CBI group\'s position as leader in the research-grade custom peptide market is assured.

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