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Shanghai Pharmaceuticals Acquires Chinese API Firm

5:35 AM MST | February 8, 2012 | Deepti Ramesh

Shanghai Pharmaceuticals (Shanghai, China) says it will acquire a 70% stake in Changzhou Kony Pharm (Changzhou, China), and will also purchase the remaining 30% stake in the next two years. Kony Pharm manufactures active pharmaceutical ingredients (APIs) and pharma intermediates. Financial details of the deal were not disclosed. Kony Pharm is estimated to have sales of about Rmb115 million ($19 million) in 2011, and is expected to maintain high growth in the future, Shanghai Pharmaceuticals says. Kony Pharm focuses on antivirus and cardiovascular therapeutic...

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