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China Medicine To Buy Sinoform

November 2, 2009 (FinancialWire) — China Medicine Corp. (OTCBB: CHME) has signed an equity transfer agreement to acquire 100% of equity interests in Sinoform Ltd., a British Virgin Islands firm and the sole shareholder of Guangzhou LifeTech Pharmaceuticals Co. Ltd.

LifeTech is a developer, manufacturer and marketer of pharmaceuticals products and TC.

Under the terms of a transfer agreement, China Medicine will acquire 100% of Sinoform’s equity in LifeTech for a cash payment of RMB 57 million, or around $8.3 million, and the assumption of RMB 89.8 million in debt.

Upon closing of the acquisition, China Medicine will obtain LifeTech’s assets, which include product licenses, permits, patents, land use rights, manufacturing facilities, state-of-the-art production equipment and a portfolio of 39 Traditional Chinese medicine and Western medicine products.

LifeTech’s top-selling drug, Houerhuan Xiaoyan Capsules, which is used for the treatment of throat infections and acute laryngitis, is projected by China Medicine to account for 66% of LifeTech’s annual sales in 2009 and has a gross margin of 60 to 70%.

The acquisition is scheduled to close on or before December 31.

China-based China Medicine is a developer and leading distributor of prescription and over-the-counter drugs, traditional Chinese medicine products, herbs and dietary-supplements, medical devices, and medical formulations in China.

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