Chi-Med to boost stake in china healthcare JV
Friday, May 23, 2008
Chi-Med, the Hutchison Whampoa backed pharma and healthcare group, is set to increase in its ownership of Hutchison Healthcare Ltd (HHL), one of the three joint ventures which comprise Chi-Med's China Healthcare Division, from around 68% to 85%.
HHL produces health food products, including the rapidly growing Zhi Ling Tong infant nutrition product range. The move should strengthen Chi-Med’s position in the fast-growing China healthcare market, where its China Healthcare Division operates.
Chi-Med's Pioneer Leader subsidiary is paying Masson Group RMB2.8 million (approximately US$0.4 million) for its 17% equity interest in the business.
HHL's performance has improved significantly in the past year due primarily to the strong growth in the Zhi Ling Tong range, and the discontinuation of the previously loss making Nao Ling Tong product line.
Christian Hogg, chief executive of Chi-Med, said: “HHL is a core part of our overall China Healthcare Division - its Zhi Ling Tong product range and licenses last year grew 100% to US$3.7 million in 2007. We are therefore delighted to be able to increase our equity interest in this important strategic joint venture.”
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