Sinco Pharmaceuticals Holdings Ltd. intends to acquire a majority stake in Cherish, a company offering maternal and child care services.
China-based Sinco Pharmaceuticals entered into a non-legally binding memorandum of understanding for the majority stake acquisition in the investment holding company.
Sinco plans to enter into a formal sale and purchase agreement, subject to negotiation and due diligence. Sinco and the two third parties selling Cherish have agreed on a 90-day exclusivity period.
The acquisition will pave the way for a more diverse business, said Sinco, which primarily offers channel management services for human plasma-based therapies and antibiotics.