Bayer to Buy Traditional Chinese Medicine Group Dihon
German pharmaceutical giant Bayer announced on
March 3 that it has signed an agreement to buy privately-held Chinese
traditional herbal medicine (TCM) maker Dihon Pharmaceutical Group, reports the
website of Shanghai's Xinmin Evening News.
While the two companies refused to reveal
further details of the deal, a former senior executive at Dihon stated that the
acquisition could be worth up to 3.6 billion yuan (US$587.3 million).
Kunming-based drug maker Dihon makes a range of
popular over-the-counter (OTC) and TCM products, including dandruff and scalp
disorder treatment Kang Wang and an antifungal cream Pi Kang Wang. It also
produces TCM Dan E Fu Kang, which is used to treat various conditions that
affect women.
"We aim to strengthen our life sciences
portfolio with strategic bolt-on acquisitions globally," said Olivier
Brandicourt, chief executive of Bayer HealthCare. "Adding the strong OTC
brands from Dihon to our portfolio will significantly advance our business in
China and position us well for future growth."
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