Bayer agrees Topsun purchase
By Wan Zhihong (China Daily)
Updated: 2006-10-26 08:52
Bayer Healthcare acquired Roche Consumer Health last year, making it one of the
world's top three over-the-counter businesses.
"The Topsun deal provides us with an entry into the very important cough and
cold category in China. The transaction, which is expected to close within 2007,
will double the size of our consumer health business in China and puts us within
the top 10 over-the-counter companies in this important market," said Gary
Balkema, president of the Bayer Worldwide Consumer Care Division.
The over-the-counter medicine business is believed to have huge potential in
China.
According to a study of China's pharmaceutical industry issued in March by
global consulting firm PricewaterhouseCoopers, sales of over-the-counter
medicines accounted for less than one-fifth of the country's pharmaceutical
market. But it grew 11.2 per cent last year to US$4.2 billion, making it the
fourth-largest over-the-counter medicine market in the world, as well as the
fastest growing of all major economies.
Bayer Healthcare, with an annual growth rate of 30 per cent, is the fastest
growing global pharmaceutical firm in China, according to US-based market
consultancy firm IMS Health.
Commenting on the deal, Topsun Chairman Guo Jiaxue said the firms "intends to
develop its modern Chinese medicine as its core business."
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