Ningbo Menovo Pharmaceutical Co., Ltd. completed the acquisition of remaining 49% stake in Xuancheng Menovo Pharmaceutical Co., Ltd. from Ningbo Menovo Ruihe Equity Investment Partnership
July 30, 2022
Share
Ningbo Menovo Pharmaceutical Co., Ltd. (SHSE:603538) signed an equity transfer framework agreement to acquire remaining 49% stake in Xuancheng Menovo Pharmaceutical Co., Ltd. for approximately CNY 130 million on October 27, 2021. The Ningbo Menovo will increase its stake from 51% to 100%. Within one month after this agreement is signed and becomes effective, Ningbo Menovo Pharmaceutical shall pay 70% of the total price of the equity transfer, which is CNY 91.4 million; within 5 working days after the completion of the industrial and commercial change registration procedures for this equity transfer, shall pay the entire balance of the equity transfer. The transaction shall be funded through funds raised in the fundraising project. Xuancheng Menovo Pharmaceutical reported total assets of CNY 563.9 million and net assets of CNY 184.6 million as at May 31, 2021. The Board of Directors of Ningbo Menovo Pharmaceutical Co., Ltd. approved the transaction on October 27, 2021. As of May 18, 2022, the transaction has been approved by the shareholders of Ningbo Menovo Pharmaceutical at meeting held on May 17, 2022. As of November 10, 2021, on the basis of friendly negotiation between Ningbo Menovo Pharmaceutical and Ningbo Menovo Ruihe Equity Investment Partnership, the two parties have reached an agreement on the termination of the change of the use of part of the proceeds of the fundraising project. On April 25, 2022 the board of directors of Ningbo Menovo Pharmaceutical Co approved the transaction for CNY 151.6 million.
Ningbo Menovo Pharmaceutical Co., Ltd. (SHSE:603538) completed the acquisition of remaining 49% stake in Xuancheng Menovo Pharmaceutical Co., Ltd. from Ningbo Menovo Ruihe Equity Investment Partnership on July 1, 2022.
Ningbo Menovo Pharmaceutical Co Ltd is a China-based company mainly engaged in the research, development, production and sales of pharmaceutical intermediates, active pharmaceutical ingredients (APIs) and preparations. The Company is mainly engaged in three businesses. The contract development and manufacturing organization (CDMO) business mainly provides pharmaceutical companies with CDMO services for the entire preparation industry chain. The specialty API business is mainly engaged in the production and sales of APIs. The preparation business is mainly engaged in the production and sales of preparations. The Company's main products include valsartan, losartan, perindopril, rosuvastatin calcium, atorvastatin calcium and pregabalin. The Company's products are mainly used in cardiovascular, central nervous, antiviral, hypoglycemic, gastrointestinal and other therapeutic areas. The Company mainly conducts its businesses in domestic and overseas markets.