Singapore, July 8, 2008: The Shanghai Administration for Industry and Commerce (SHAIC) has granted a new business license to BMP Sunstone Corporation for its establishment of an enterprise with foreign investment in China. With receipt of this license, the US-based company has completed the acquisition of 63.3 percent of Shanghai Rongheng Pharmaceutical.

 

Rongheng is a pharmaceutical distribution company that distributes over 400 pharmaceutical products to more than 140 top-tier hospitals and 1,000 retail pharmacies in Shanghai.

 

Mr David Gao, CEO of BMP Sunstone said, “Rongheng acquisition is one more important step in our corporate mission to control direct access to the high end pharmaceutical markets in Beijing, Shanghai and the Guangdong province. These areas are China's top pharmaceutical markets and generate roughly 60 percent of all high-end pharmaceutical imports into the country. Through this acquisition, BMP Sunstone will gain direct coverage of 80 percent of the top-tier hospitals and 40 percent of the retail pharmacies in Shanghai, which enable us to penetrate the market more effectively and increase our market share in this important city.”