Alliance Boots finalizes 12% stake in Nanjing Pharmaceutical in China

BERN, Switzerland — Alliance Boots on Thursday announced that it has completed the acquisition of a 12% stake in Nanjing Pharmaceutical in China.

 

The completion follows receipt of government and regulatory approvals. As a result of the investment, Alliance Boots becomes the second largest shareholder of the company with the right to nominate board members and a member of the senior management.

 

In September 2012, Alliance Boots announced its intention to invest in Nanjing Pharmaceutical through a private placement, for a total consideration of approximately £56 million ($87.9 million).

 

Alliance Boots first entered the Chinese market in 2008 through its joint venture, Guangzhou Pharmaceuticals, which operates in complementary geographies and continues its successful development, Alliance Boots stated.