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Beijing Med-Pharm Corporation and Alliance Boots plc Joint Venture Acquisition Plans Approved by Guangzhou Pharmaceuticals Company Ltd. Shareholders.

Publication: Business Wire
Publication Date: 03-APR-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
PLYMOUTH MEETING, Pa. -- Beijing Med-Pharm Corporation (Nasdaq: BJGP) today announced that shareholders of Guangzhou Pharmaceuticals Company Ltd ("GPCL") have approved the formation of a 50:50 joint venture in Guangzhou Pharmaceuticals Corporation ("GP Corp."), the third largest pharmaceutical wholesaler in China, with Alliance BMP Limited, a UK-based investment vehicle formed by Beijing Med-Pharm and Alliance Boots plc (AB.LSE). GPCL shareholders voted to approve the joint venture at an Extraordinary General Meeting held in Hong Kong on April 2, 2007.

In addition, Alliance BMP's application to the Ministry of Commerce (MOFCOM) of the People's Republic of China for government approval of the transaction has been filed and was accepted on March 15, 2007. MOFCOM...

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