Beijing Med-Pharm has completed the acquisition of Hong Kong Fly International Health Care, a Hong Kong corporation that holds a 100 percent equity interest in Sunstone Pharmaceuticals, and changed its name to BMP Sunstone Corporation.
According to Mr Fred Powell, Chief Financial Officer of BMP Sunstone, the acquisition of Sunstone pharma and formation of BMP Sunstone will continue to outpace the industry growth rate of 18 percent. Sunstone generated revenue of $29.5 million and operating income of $8.1 million in the first nine months of 2007, as well as $35.9 million in revenue and $9.9 million in operating income during the full year 2006.
BMP Sunstone's portfolio will now include Sunstone's OTC healthcare products, including high profile, nationally recognized OTC products under the Hao Wawa (Good Baby) and Kang Fu Te (Confort) brands.
With combined capabilities in different geographic areas and customer segments, BMP Sunstone enhances its overall value proposition. Management believes this will facilitate the licensing of additional products from around the world, as global pharmaceutical companies try to enter the Chinese market.