Beijing Med-Pharm Corp. said Friday that it has agreed to increase to 100 percent its ownership stake in a company that sells primarily over-the-counter medicine in China.

After acquiring Sunstone Pharmaceutical Co. Ltd., Beijing Med-Pharm (NASDAQ:BJGP) of Plymouth Meeting, Pa., plans to change its name and call the combined companies BMP Sunstone Corp.

Beijing had already agreed to buy 49 percent of the company for $32 million in a deal that is now expected to close in October. For the remaining 51 percent, Beijing said, it would exchange 8 million shares of its stock. The shares are worth $92.7 million based on Beijing Med-Pharm's $11.59 closing price Thursday. A Beijing spokesman said the 51 percent chunk sold for much more than the 49 percent chunk because of a control premium.

Beijing, which helps pharmaceutical companies market their products in China and markets its own products there, said it is buying Sunstone from Hong Kong Fly International Health Care Ltd. Hong Kong Fly principal Han Zhiqiang would become the combined company's president and chief operating officer in China. Han holds leadership positions in Chinese pharmaceutical industry groups, Beijing Med-Pharm said.

"The value of Sunstone's marketing and sales capabilities in the [over-the-counter] channel will be enhanced by Beijing Med-Pharm's access to advanced foreign products and licensing partners, and its proprietary distribution network," Han said. The deal is expected to close during the first quarter of next year. It requires shareholder and NASDAQ Stock Market approval but not Chinese government approval because Sunstone is privately owned, Biejing Med-Pharm said.

Sunstone is based in Tangshan, Hebei Province, and expects revenues of $58 million to $63 million this year.