Bayer HealthCare to Take Over Topsun's Part OTC Business

QIDONG, Jul 02, 2008 (SinoCast via COMTEX) -- BAYRY | Quote | Chart | News | PowerRating -- Bayer HealthCare AG, a subsidiary of German chemical pharmaceutical tycoon Bayer AG (BAYG), is expected to thoroughly complete the purchase of partial OTC operations of Topsun Science & Technology Qidong Gaitianli Pharmaceutical Co., Ltd., China's medicine producer.

As early as October 25, 2006, Gaitianli Pharmaceutical, under the wing of Topsun Science and Technology Co., Ltd. (SHSE: 600771), entered into the business and assets transfer agreement with Bayer HealthCare, and the Germany-based firm expected to obtain the brand, production facilities, and sales network of the former's three core OTC (over-the-counter) antitussive and anti-cold drugs.

However, China's Ministry of Commerce did not greenlight the deal until October 2007, but both parties had to restart the negotiation, owing to the expiration of their contract. On March 4, 2007, they inked the new supplementary agreement and agreed to the exchange rate and sales price fixed earlier.

Now, Bayer HealthCare has assigned related staff to Gaitianli Pharmaceutical, and it is estimated to introduce its own OTC products in succession, after the deal, said insiders.

From www.cnstock.com, Page 1, Tuesday, July 01, 2008 info@SinoCast.Com

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