December 6 -- Zhejiang Conba Pharmaceutical (600572.SH), the maker of Qianliekang tablets and Tianbaoning capsules, intends to acquire an 84 percent stake in Yuannan Xiongye Pharmaceutical from China Yunnan Xiongye Group, reports 163.com, citing China Securities Journal.

Xiongye Pharma, which produces Chinese patented drugs and western medicines, recorded a loss of 4.69 million yuan last year on revenue of 7.76 million yuan.

Through end October, the target company had total assets of 45.94 million yuan and negative net assets of 2.9 million yuan.

During the first 10 months of 2011, it posted a loss of 4.78 million yuan on revenue of 5.07 million yuan.

According to Conba Pharma, the current acquisition will help to improve its product structure.

Xiongye Pharmaceutical currently has five types of exclusive drugs, and has several medicines which are included in China’s national basic drug catalog.

Source:CapitalVue