Alliance Boots' £56m deal for stake in Chinese drugs firm
ALLIANCE Boots acquired a 12 per cent stake in a Chinese pharmaceutical company this weekend.
The £56m deal makes the organisation the second largest shareholder in Nanjing Pharmaceutical Company Limited.
The company, listed on the Shanghai Stock Exchange, is the fifth largest pharmaceutical wholesaler in China with sales of around £2 billion last year.
It has a strong market position in its home province of Jiangsu, operating distribution centres in 12 cities across eight provinces. Its largest shareholder is Nanjing Pharmaceutical Group Limited.
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The strategic alliance agreement was signed by Stefano Pessina, executive chairman of Alliance Boots, and Zhou Yaoping, chairman of Nanjing Pharmaceutical Company, after being greeted by Yang Weize, secretary of Nanjing Municipal CPC Committee. The official ceremony in the city of Nanjing, also included Ji Jianye, mayor of the Nanjing municipal government.
Alliance Boots entered the Chinese pharmaceutical distribution market in 2008 through its Guangzhou Pharmaceuticals Corporation joint venture.
Mr Pessina said: "We are delighted to be partnering with such an established player in the Chinese pharmaceutical market and believe there is huge potential in working together to create a great healthcare distribution network."