August 19 -- Shanghai Pharmaceutical（601607.SH 2607.HK）spent 344 million yuan to acquire an 80-percent stake in Shanhe Pharmaceutical, reports China Securities Journal, citing a company filing. After the share acquisition, Shanhe Pharmaceutical will change its name to Shanghai Shanhe Wuxi Pharmaceutical.

As a major pharmaceutical distributor in Wuxi city, Shanhe Pharmaceutical posted sales revenue of 1.2 billion yuan in 2010.

Shanghai Pharmaceutical said it hopes the acquisition will consolidate its position in the Jiangsu area, particularly in Suzhou, Wuxi and Changzhou cities.

Source:CapitalVue