Chinese pharmaceutical company is privatised in precedent-setting deal

    April 21, 2011 | BY

    Candice Mak

    Tongjitang Chinese Medicines Company (Tongjitang) has been acquired by way of merger by Hanmax Investment (Hanmax), Fosun Industrial (Fosun) and Tonsun…

    Tongjitang Chinese Medicines Company (Tongjitang) has been acquired by way of merger by Hanmax Investment (Hanmax), Fosun Industrial (Fosun) and Tonsun International Company (Tonsun). Tongjitang is a PRC pharmaceutical company focused on the development, manufacturing and sale of modernized traditional Chinese medicines in China. This transaction sets precedent as the first going-private for a US-listed company under the Cayman Islands merger statute.

    After the acquisition, Tongjitang will continue its operations as a privately held company owned solely by Hanmax and Fosun, and its American Depository Shares will no longer t listed on the New York Stock Exchange.

    Beijing-based US securities Baker & McKenzie partner, Scott Clemens led a multi-office team that advised the buyers.

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