Jiangbo Commits Some of its Large Cash Hoard to buy Drug Distributor

Jiangbo Pharma said its China affiliate, Laiyang Jiangbo Pharmaceutical Co., signed a letter of intent to acquire Shandong Xinkangqi Medical Company, a wholesale drug distributor operating in Shandong Province. The price will be determined after Jiangbo completes its due diligence. In addition, Jiangbo said it expects to use more of its $136 million of cash reserves for more M&A in China’s drug distribution sector. Jiangbo is already very profitable: the company reported net income of $44 million on $106 million of revenue for the most recent 12 months. More details.... Stock Symbol: (NSDQ: JGBO)     Share this with colleagues:   var switchTo5x=true; stLight.options({publisher:'d7871f5b-67bc-4d30-b66f-1465d0b97213'});