Sinclair Pharma confirms receipt of takeover approach from Chinese firms

6 July 2018

Sinclair Pharma (LSE: SHP) stock was up nearly 35% at 24.7 pence in early afternoon trading on Thursday following the announcement of better-than-expected financial as well as a takeover approach.

As a result of the sharp share movement, Sinclair confirmed that has received an approach from China Grand Enterprises and its affiliate company Huadong Medicine (SZSE: 000963.SZ), which may or may not result in an offer for the company.

Huadong’s shares fell as much as 3.3% in Shanghai on Friday. China Grand holds about 41.8% of Huadong.

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