Biostar Pharma sets out targets as it completes buy of Shaanxi Weinan

Chinese drugmaker Biostar Pharmaceuticals (Nasdaq: BSPM) says that it has completed the previously-announced acquisition of Shaanxi Weinan Huaren Pharmaceuticals for an aggregate cash price of 61 million renminbi (around $9.6 million; The Pharma Letter October 11). Additionally, it has changed the name of the acquired company changed to Shaanxi Weinan Aoxing Pharmaceuticals.

Following the completion of this acquisition, Biostar increased its portfolio of drug approvals and permits with an additional 86 drugs (60 prescription drugs and 26 over-the-counter medicines) and one health product.

Ronghua Wang, Biostar's chairman and chief executive noted: "With the closing of this transaction, we have completed a significant step towards achieving our growth strategy of expanding our product portfolio and increasing our market share. Shaanxi Weinan's state-of-the-art facility has five production lines, a high-tech laboratory, and is located approximately 60 miles from our Xianyang facility."