TAI'AN, China, Jan. 11, 2011 /PRNewswire-Asia/ -- China Biologic Products, Inc. (Nasdaq: CBPO, "China Biologic or the "Company"), one of the leading plasma-based biopharmaceutical companies in the People's Republic of China ("PRC"), today announced that its wholly-owned PRC subsidiary, Logic Management Consulting (China) Co., Ltd. ("Logic China"), has agreed to acquire the remaining 10% ownership in Guiyang Dalin Biologic Technologies Co., Ltd. ("Dalin"), a limited liability company established under the laws of the People's Republic of China, from Mr. Shaowen Fan, a PRC individual, pursuant to an Equity Transfer Agreement, dated January 4, 2011, between Logic China and Mr. Fan, for a purchase price of RMB 50 million (approximately $7,530,120). Logic China already owns a 90% majority interest in Dalin, pursuant to an equity transfer agreement, dated September 26, 2008, among Dalin, Mr. Fan, and the other shareholders of Dalin at the time.
Upon consummation of the acquisition, Dalin will become a wholly-owned subsidiary of Logic China. Dalin is the largest shareholder of Qianfeng Biological Products Co., Ltd., one of the largest plasma-based biopharmaceutical companies in China.
For more information regarding the acquisition, please see the Company's current report on Form 8-K filed with the SEC on January 10, 2011. The purchase is expected to close within six months.
About China Biologic Products, Inc.
China Biologic Products, Inc., through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co., Ltd., and Guiyang Dalin Biologic Technologies Co., Ltd., and its equity investment in Xi'an Huitian Blood Products Co., Ltd., is currently one of the leading plasma-based biopharmaceutical companies in China. The Company is a fully integrated biologic products company with plasma collection, production and manufacturing, research and development, and commercial operations. The Company's plasma-based biopharmaceutical products are irreplaceable during medical emergencies and are used for the prevention and treatment of various diseases. The Company sells its products to hospitals and other healthcare facilities in China. For additional information, please see the Company's website at http://www.chinabiologic.com.
Safe Harbor Statement
This news release may contain certain "forward-looking statements" relating to the business of China Biologic Products, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the significance of Logic China's acquisition of the minority interest in Dalin; the ability of the Company to achieve its commercial objectives; the business strategy, plans, and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov and on the Company's website at http://www.chinabiologic.com.
All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.
Company Contact:
Mr. Y. Tristan Kuo
Chief Financial Officer
China Biologic Products, Inc.
Telephone: +86-538-6202206 in China
Email: IR@chinabiologic.com
www.chinabiologic.com
Source: China Biologic Products, Inc.
