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American Oriental, China Aoxing to jointly market pain drugs |
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Written by Associated Press
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Apr 20, 2008 at 04:49 PM |
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NEW YORK (Associated Press) - Pharmaceutical company American Oriental Bioengineering Inc. said Tuesday it will take a 38 percent stake in China Aoxing Pharmaceutical Company Inc. as part of a deal to jointly develop and market narcotics and pain relievers in China.
American Oriental Bioengineering will pay $18 million for 30 million shares of China Aoxing, which is traded in the Over-the-Counter market in the U.S. Separately, China Aoxing said it closed its acquisition of Shijiazhuang Lerentang Pharmaceutical Company Ltd., a China-based drug maker specializing in pain-management products. American Oriental said the deal will allow it to increase its narcotic and pain-management offerings in China, while China Aoxing said it will benefit from American Oriental's sales and marketing and distribution networks.
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China Pharma News 