China BioPharma to acquire China's largest vaccine distributor
China BioPharma's subsidiary Zhejiang Tianyuan Biotech Co., has signed a letter of intent to acquire Hainan CITIC Biopharmaceutical Development Co.
China BioPharma's subsidiary Zhejiang Tianyuan Biotech Co., has signed a letter of intent to acquire Hainan CITIC Biopharmaceutical Development Co.
Under the agreement Zhejiang Tianyuan Biotech Co. would acquire over 90% interest in Hainan CITIC, with the remaining interest being owned by China CDC (China's Center for Disease Control).
Hainan CITIC is the largest vaccine distributor in China, with an extensive customer network in most major cities within the country. The company has established its 'cold chain' for distribution logistics for most major parts of China and was the distributor for major international vaccine suppliers, such as GSK and Chiron Vaccines.
China Biopharma is a wholly owned subsidiary of Techedge, a fast growing developer, producer, and distributor of biopharmaceutical products in China. Techedge also owns the majority interest of Zhejiang Tianyuan Biotech Co. The company's current products consist of human vaccines against influenza, epidemic hemorrhagic fever and Japanese Encephalitis.
"We are very excited about this acquisition," said Dr Jean-Denis Shu, ceo of China Biopharma. "This acquisition will bring us an effective platform and strong market position for promoting our vaccines and other related biopharmaceutical products in China."