Sinopharm Group Co. Ltd. agreed to buy drug retailer Shanghai Pudong New Area Medicines and Herbs Co. Ltd. from China National Pharmaceutical Group Corp. for 217.5 million yuan in cash.
The China-based company said it will pay the consideration amount in a lump sum within three working days.
Sinopharm will also assume the responsibility for Shanghai Pudong's 30 million yuan loan taken from Industrial and Commercial Bank of China.
China National Pharmaceutical Group is the ultimate controlling shareholder of the Sinopharm Group.
As of Nov. 24, US$1 was equivalent to 6.60 yuan.
