Dongbao to buy Ferring's Malmo plant

Switzerland-based biopharmaceutical firm Ferring and Chinese counterpart Shanghai Dongbao Biopharmaceutical, part of the Dongbao Enterprise group, say they have established an agreement under which the latter will purchase the former's manufacturing operation at its site in Malmo, Sweden.

Earlier this year, Ferring informed its workforce of its plan to close the facility by the end of March 2008. The company said that the deal with Dongbao, which will become effective on January 1 next year, will provide long-term job security for around 50 members of staff at the site.

George Li, president of Dongbao Pharmaceutical, said that the Malmo plant has great potential, and that its technology and current workforce, which offer a wide range of knowledge and experience, will play an important role in the Chinese company's future business development plans.