Tasly Pharmaceutical Group Co., Ltd agreed to Spin-Off of unknown majority stake of Biomedicine Biomedicine Unit Of Tasly Pharmaceutical Group Co., Ltd.
May 06, 2020
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Tasly Pharmaceutical Group Co., Ltd (SHSE:600535) announced the spin-off of unknown majority stake of Biomedicine Unit on May 7, 2020. Upon-completion, the Biomedicine Unit will be listed on Shanghai Star Market. Tasly Pharmaceutical will maintain a controlling stake in Biomedicine Unit. Biomedicine Unit generated revenue of CNY 226.5 million, net loss of CNY 355.3 million in 2019. As of December 31, 2019, Biomedicine Unit had total assets of CNY 1.9 billion and net assets of CNY 1.8 billion. Transaction is subject to approval from shareholders of Tasly Pharmaceutical and Biomedicine Unit and approval from China Securities Regulatory Commission. As of June 13, 2020, Board of Directors of Tasly Pharmaceutical approved the transaction.
Tasly Pharmaceutical Group Co Ltd is a China-based company principally engaged in the manufacture and distribution of pharmaceutical products. The Company's main businesses include the manufacture and sales of traditional Chinese medicines, chemical preparations, chemical raw materials and biological medicines. The Company's main products include Compound Danshen Dropping Pills, Yangxuenao Granules, Yangxuenao Pills, Qishen Yiqi Dropping Pills, Diqing and Shuilinjia. Its products are used to treat cardiovascular and cerebrovascular diseases, tumors, colds, fevers and liver diseases. The Company mainly distributes its products in the domestic market.
Tasly Pharmaceutical Group Co., Ltd agreed to Spin-Off of unknown majority stake of Biomedicine Biomedicine Unit Of Tasly Pharmaceutical Group Co., Ltd.