China's Sinco Pharmaceuticals Holdings Ltd. agreed to form an M&A fund with Great Wall Capital Management Co. Ltd.
Under the three-year strategic cooperation agreement, Sinco Pharmaceuticals and the private equity manager will establish a fund of up to 2 billion yuan, meant for the acquisition of and investment in high-quality medical assets.
Sinco Pharmaceuticals expects the fund to help it grow and develop through asset purchases.
The company, which provides various services for imported pharmaceutical products in Mainland China, plans to identify potential acquisitions but said that transactions under the agreement may not materialize.
As of March 16, US$1 was equivalent to 6.33 Chinese yuan.
