China National Accord Medicines Corporation Ltd. completed the acquisition of Guangdong Dong Fang Uptodate & Special Medicines Co. from Sinopharm Group Co.,Ltd..
For the year ended December 31, 2015, Guangdong Dong Fang Uptodate & Special Medicines reported total revenue of approximately CNY 990 million, total assets of approximately CNY 510 million, net income of CNY 18.3 million and total equity of approximately CNY 130 million. The transaction is subject to approval from State-owned Assets Supervision and Administration Commission of the State Council, shareholders of China National Accord Medicines and CSRC. The transaction gained the pre-approval of the State-owned Assets Supervision and Administration Commission of the State Council, Board of Directors and shareholders of Sinopharm Group, Board of Directors of China National Accord Medicines. On September 27, 2016, China Securities Regulatory Commission approved the deal. China International Capital Corporation Limited acted as financial advisor, Grandall Law Firm acted as legal advisor and PricewaterhouseCoopers Zhong Tian LLP acted as accountant for China National Accord Medicines Corporation Ltd.
China National Accord Medicines Corporation Ltd. (SZSE:000028) completed the acquisition of Guangdong Dong Fang Uptodate & Special Medicines Co. from Sinopharm Group Co.,Ltd. (SEHK:1099) on December 13, 2016.