Bayer agrees Topsun purchase
By Wan Zhihong (China Daily)
Updated: 2006-10-26 08:52 German industrial giant Bayer said yesterday that
its healthcare group had agreed to acquire Topsun Science and Technology's
over-the-counter cough and cold medicine business for 1.072 billion yuan
(US$135.69 million).
Bayer said it would pay another 192 million yuan
(US$24.30 million), subject to the fulfilment of certain performance
criteria.
|
A man walks near a
Bayer logo during Bayer's annual general meeting in April in Cologne,
Germany. [China Daily]
|
Topsun is one of the largest privately owned pharmaceutical firms in China.
Its brands include White and Black, one of the leading cough and cold medicines
on the Chinese market.
The transaction, which is now subject to the regulatory approval, will
include the transfer of the Gaitianli manufacturing facility in Qidong, a city
in East China's Jiangsu Province, as well as the sales force and distribution
network associated with the brands.
The transferred employees and assets will become part of Bayer Healthcare
China Ltd and operate within its consumer care division.
"With this transaction Bayer HealthCare follows its
global strategy to strengthen our over-the-counter business, as well as our
presence in China, one of the fastest-growing over-the-counter markets," said
Bayer Healthcare Chairman Arthur Higgins.
| 1 | 2 |  |
(For more biz stories, please visit Industry Updates)
|
