Beijing Med-Pharm Corp. Announces Its Intent to Acquire Majority Interest in Rongheng Corp. of Shanghai, People's Republic of China
Plymouth Meeting, PA, September 6, 2005 - Beijing Med-Pharm Corporation (BJGP.PK) today announced that it has signed a non-binding letter of intent with Orient International Holding Shanghai Rongheng International Trading Co., Ltd., (" Orient International"), and Shanghai CAS Shenglongda Biotech (Group) Co., Ltd. ("Shanghai CAS") to purchase a majority interest of Shanghai Rongheng Pharmaceutical Company Limited ("Rongheng"). Orient International and Shanghai CAS currently own approximately 90% of the equity interests in Rongheng.
Rongheng is a pharmaceutical distribution enterprise with operations in Shanghai, China, a municipality of more than 17 million permanent residents. Rongheng was established in 1999 and distributes to over 250 hospitals in Shanghai, the bulk of the tier one hospitals in the city.
Beijing Med-Pharm Corporation ("Beijing Med-Pharm") already offers registration, sales, and marketing of pharmaceuticals into the Chinese marketplace. The planned acquisition of a Beijing distributor, Wanwei, was announced in December 2004 and has been posted to the China Beijing Equity Exchange (CBEX). It is awaiting regulatory approval in China and has not yet been completed.
If the parties are able to execute definitive documents for the acquisition of Rongheng and subsequently consummate the acquisition, the resulting majority interest that Beijing Med-Pharm would acquire in Rongheng, a Shanghai distributor, would enable Beijing Med-Pharm to further its strategy of offering an end-to-end solution to foreign companies wishing to sell their pharmaceutical products into China. However, no assurance can be provided that the parties will be able to agree on definitive documents for the acquisition or that the acquisition will be completed.
For further information please contact
Amphion Innovations plc
Josh Berkman, Media Relations
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About Beijing Med-Pharm
Beijing Med-Pharm Corporation is a pharmaceutical marketing company that offers the following services in China through its wholly-owned subsidiary, Beijing Med-Pharm Market Calculating Co. Ltd.: pre-market entry analysis; clinical trial management; product registration; market research; and pharmaceutical marketing to physicians, hospitals and other healthcare providers.
On the web: www.beijingmedpharm.com
About Amphion Innovations plc
Amphion Innovations plc recently listed on the AIM Exchange in London under the symbol AMP.L. Amphion's business is the formation, financing, management, and development of life science and technology companies, working in partnership with corporations, governments, universities, and entrepreneurs seeking to commercialize their intellectual property.
On the web: www.amphionplc.com