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news.Shaanxi Aoxing Pharmaceutical, a subsidary of Biostar Pharmaceuticals, has entered into an agreement to acquire Shaanxi Weinan Huaren Pharmaceuticals (Shaanxi Weinan) for $9.62m.
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Under the acquisition, Shaanxi Weinan’s portfolio of 86 drugs and one health product will be added to the Shaanxi Aoxing’s current drug portfolio.
Biostar Pharmaceutical Board chairman and CEO Ronghua Wang said this acquisition should enable them to further increase their market share in the 25 provinces where they currently distribute and expand into the remaining provinces.
"Upon closing, we will start marketing many of these products using our extensive sales network, which covers 25 provinces and over 11,000 rural medical sales outlets," Wang said.