GlaxoSmithKline P.L.C., a pharmaceutical company headquartered in the UK with operations based in the US, mainly in the Philadelphia area, announced about its plans to purchase the Chinese company Nanjing MeiRui Pharma Co. Ltd., for about US$70 million in cash. The acquisition transaction is expected to close by the end of 2010.
MeiRui is the Chinese unit of privately owned British Virgin Islands-incorporated company Pagoda Pharma Group Inc. The company has a manufacturing site in Jiangsu Province.
By this deal, international pharmaceutical company is planning to increase its presence in China and gain access to MeiRui's portfolio of urology and allergy products.
