AXM Pharma to buy 51% stake in Liaoning Ming Cheng
California, USA-based AXM Pharma, a manufacturer of proprietary and generic drug and nutraceutical products for the Chinese and other Asian markets, says that it has entered into an equity interest transfer agreement, under which it will to acquire 51% interest of Liaoning Ming Cheng Medical & Pharmaceutical Co (Ming Cheng) in exchange for 3.7 million shares of the US firm's common stock. Other financial terms were not disclosed.
Founded in 2000, Ming Cheng is a leading distributor of pharmaceutical and other medical products in China. Its 2005 revenue was $44.0 million and the company was profitable. It expects to increase 2006 sales around 15%. The acquisition is expected to close on or before June 30, 2006. Upon completion of the transaction, AXM will consolidate the results of Ming Cheng for financial reporting purposes.
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