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Gloria Pharmaceuticals to Take Helm of Dilong Pharmaceutical

 

Wednesday, Jun 29,2011, 9:54:50 PM   Click:

Harbin Gloria Pharmaceuticals Co., Ltd. (SZSE: 002437) yesterday issued an announcement, saying that it plans to acquire a 51% stake in Heilongjiang Dilong Pharmaceutical Co., Ltd. The acquisition is still under planning and the specific acquisition price has not been nailed down.

Dilong Pharmaceutical has products with more than 50 types and over 90 specifications and 19 specifications are being produced and sold in the market. In 2010, the company gained sales revenues and net profits of CNY 88.45 million and CNY 39.79 million respectively. By the yearend, its net assets have reached CNY 96.78 million.

Currently, Dilong Pharmaceutical has strengths such as deproteinized calf blood extractive injection and cervus and cucumis polypeptide for injection. In the future five years, more products under research and development will be on sale in the market, which will further boost the profit growth of the company.

The top management of Gloria Pharmaceuticals believes that the equity acquisition will improve the company's competitiveness, enrich its product ranges and strengthen its profitability if being approved and carried out.

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