PharmaBlock Sciences (Nanjing), Inc. (SZSE:300725) agreed to acquire additional 13.5% stake in Zhejiang Huishi Pharmaceutical Co., Ltd. from Ningbo Menovo Pharmaceutical Co., Ltd. (SHSE:603538) for approximately CNY 140 million on March 25, 2021. 51% of the consideration is paid within 5 working days after the agreement signing and 49% of the consideration is paid within 6 months after the agreement signing. After the acquisition, PharmaBlock Sciences (Nanjing), Inc. (SZSE:300725) holds 50.9% stake in Zhejiang Huishi Pharmaceutical Co., Ltd. As of December 31, 2020, Zhejiang Huishi Pharmaceutical Co., Ltd. reported total assets of CNY 518 million, net assets of CNY 342.6 million, revenues of CNY 290 million and net profit of CNY 12.9 million.

The transaction has been approved by Board of Directors of PharmaBlock Sciences (Nanjing), Inc. (SZSE:300725). As of April 12, 2021, the transaction has been approved by the shareholders of Ningbo Menovo Pharmaceutical.