August 2 – Huadong Medicine (000963) plans to acquire a 51-percent stake in Jiangsu Jiuyang Biotech Pharmaceutical Limited for 29.07 million yuan, reports yicai.com, citing a company filing. The firm will inject another 80 million yuan into the target, raising its stake to 79.61 percent.

Jiuyang Biotech researches and produces fermented raw materials.

Huadong Medicine will thus be able to directly use its technology and initiate the formation of a new production base for a total investment of between 250 million and 300 million yuan.

Hangzhou-based Huadong Medicine was established in 1952 and produces traditional Chinese medicine products, active pharmaceutical ingredients and drugs for diabetes, the digestive system diseases, blood, bone injuries.