Shanghai Pharma aims to take control of Kony Pharma
In a regulatory filing with the Hong Kong Stock Exchange yesterday, Shanghai Pharmaceuticals Holding (SHSE: 601607) says it has resolved to gain control of Changzhou Kony Pharma in order to enhance its strength in the manufacturing of special active pharmaceutical ingredients (APIs) and enrich its product portfolio, as well as to establish a manufacturing, research and development center for special APIs.
Shanghai Pharma plans to eventually to acquire 100% of the equity interest in the drugmaker. The purchase price will be determined based on the appraised total enterprise value of Kony Pharma at 300 million renminbi ($47.6 million). The final purchase price will be subject to the appraised enterprise value assessed by and filed with the state-owned assets supervision and administration authority.
Revenues and profits
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