Ali Health Buys China Online Drug Seller for $2.5 Million

Alibaba Health Information Technology, the healthcare subsidiary of Alibaba, has made another foray into China online drug sales by acquiring Wuqiannian Medicine Co. Wuqiannian owns a license to sell its own OTC drugs and TCM products online. Ali Health paid $2.5 million for the company, which also operates a chain of drug stores. Wuqiannian was granted a five-year license in 2015 to sell its OTC drug products over the internet. Earlier this year, China's government shut down an Ali Health website, Yao.tmall.com, which was a third-party site selling OTC drug products. More details.... Stock Symbol: (NYSE: BABA) Share this with colleagues: // //