Sinopharm invests to expand share

08:39, January 27, 2011      

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Sinopharm Group Co, China's largest drug distributor, will invest as much as 1.3 billion yuan (US$197 million) in major stakes in two units of Le Ren Tang, the largest drug retailer in Hebei Province.

Hong Kong-listed Sinopharm agreed to buy 60 percent in two units of LRT, including its distribution and retail business, according to a statement the company filed to Hong Kong stock exchange yesterday. Sinopharm will also invest 60 million yuan in LRT's distribution unit. The purchases will grow Sinopharm's market share in northern China.

"The pharmaceutical market in Hebei Province will grow at around 25 percent in 2010," said Sinopharm.

It expects rapid growth to continue as the government raises expenditure on pharmaceuticals and health care.

A new type of rural corporate medical system was unveiled in the province in 2010.

Source: Shanghai Daily
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