Sinopharm Acquires Wuhan Zhongliang Pharma

Sinopharm, the Beijing State-Owned pharmaceutical giant, has apparently won the bidding for another state-owned company, the troubled Wuhan Zhongliang Pharmaceutical Group. There were several companies interested in acquiring Zhongliang, and one contender apparently offered 500 million RMB ($78 million) for the company. The size of Sinopharm’s bid is not yet known, though it was speculated that Sinopharm prevailed because of its previous commitment to invest 5 billion RMB ($780 million) in Hubei Province (Wuhan is the capital of Hubei) over the next few years. More details....