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Tibet Rhodiola secures more time to repay $104M loan

China Medical System Holdings Ltd. gave Tibet Rhodiola Pharmaceutical Holdings Co. Ltd. and its unit TopRidge Pharma Ltd. more time to repay a $104 million loan.

China Medical is the 26.61% owner of Tibet Rhodiola and had loaned $110 million in February 2016 to help the company acquire certain assets from an AstraZeneca PLC unit.

Of that amount, $104 million was meant for the actual acquisition and another $6 million for working capital purposes. The entirety of the loan was to mature April 30 of this year.

The $104 million portion of the loan now matures April 30, 2018, while the $6 million is still due on the original maturity date.

China Medical also agreed to act as a guarantor for an external loan of up to $90 million to help TopRidge pay the second installment of the AstraZeneca asset purchase.