Shanghai Pharma hikes stake in Chiatai Qingchunaboa Pharma

Shanghai Pharmaceuticals paid 444 million RMB ($72 million) to purchase an additional 20% stake in Chiatai Qingchunbao Pharmaceutical Co., a Hangzhou maker of TCM preparations and western chemical drugs. The 20% equity increases Shanghai Pharma’s holdings from 55% to 75%.

Shanghai Pharma manufactures and markets a broad range of pharmaceutical products, spanning chemical drugs, modern Chinese medicines, biopharmaceutical products and other pharmaceutical products, including approximately 70.0% of the drugs on the National List of Essential Drugs.Shanghai Pharma is the third largest pharmaceutical company and the second largest distributor of pharmaceutical products in the PRC in terms of revenue in 2009. The company is listing in Shanghai Stock Exchange (Code: 601607). The company's revenue and net profit in 2010 is RMB37,381.6 million and RMB1,368.3 million, respectively