Shanghai Fosun Pharma's subsidiary to buy GlaxoSmithKline plant

HANGZHOU, July 9 (Xinhua) -- Shanghai Fosun Pharmaceutical (Group) Co. Ltd. will spend up to 250 million yuan (36 million U.S. dollars) to buy GlaxoSmithKline's Suzhou pharmaceutical factory in east China, according to a Fosun statement released Tuesday.

The deal will allow YaoPharma Co., Ltd., Fosun's Chongqing unit, to acquire all production facilities and authorizations for the GSK plant's chronic hepatitis B drug lamivudine.

The factory achieved a revenue of 656.1 million yuan, with a net profit of 73.98 million yuan in 2018, according to the statement.

Fosun Pharmaceutical's shares closed 0.58 percent higher at 26.24 yuan on Tuesday.