China BioPharma's subsidiary Zhejiang Tianyuan Biotech Company has signed a letter of intent to acquire Hainan CITIC Biopharmaceutical Development Company.
Under the agreement Zhejiang Tianyuan Biotech would acquire over 90% interest in Hainan CITIC Biopharmaceutical with the remaining interest being owned by China's Center for Disease Control.
Hainan CITIC is the largest vaccine distributor in China, with an extensive customer network in most major cities within the country.
The company has established its 'cold chain' for distribution logistics for most major parts of China. The Company was the distributor for major international vaccine suppliers, such as GSK and Chiron Vaccines.
"We are very excited about this acquisition," Dr. Jean-Denis Shu, CEO of China Biopharma Limited stated, "this acquisition will bring us an effective platform and strong market position for promoting our vaccines and other related biopharmaceutical products in China."
