China Biopharma eyes buyout of Tianyuan Biotech JV, move away from vaccines
Written by CNN Money
Nov 26, 2007 at 03:51 AM
Nov. 20, 2007 (Thomson Financial delivered by Newstex) --
BEIJING (XFN-ASIA) - China Biopharma (OTCBB:CBPC) Inc (BULLETIN BOARD: CBPC) said it plans to take full control of its joint venture partner China Zhejiang Tianyuan Biotech Co Ltd and exert more ownership control over other subsidiaries.
The Hangzhou-based firm also plans to move away from the increasingly competitive and low margin vaccine business in favor of new, specialty pharmaceutical products.
'We plan to take more control on the available cash in our subsidiaries and move into higher market-potential and higher-margin specialty pharmaceutical products. And we are negotiating with a few global vaccine manufacturers now for carrying their higher margin products, in order to avoid direct competitions with other manufacturers,' said CEO Peter Wang.
The company provided no timeframe for the proposed moves.
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