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Cachet Pharmaceutical to buy 51% stake in drug distribution company

Cachet Pharmaceutical Co. Ltd. intends to acquire a 51% stake in Chengdu Rongjin Medicine Trading Co. Ltd. for 99.5 million Chinese yuan in cash.

The payment will be made in five tranches over a period of four years until 2020, Cachet said in a release dated March 30.

Cachet will pay 25 million and 30.32 million Chinese yuan initially, and the rest after sales and revenue target agreements are met by Chengdu Rongjin.

The acquisition is in line with Cachet's drug distribution business in China's Sichuan province.

As of March 30, US$1 was equivalent to 6.89 Chinese yuan.