Beijing Med-Pharm Corp. was notified that it was the winning bidder for shares representing a majority interest in Chinese drug distributor Shanghai Rongheng Pharmaceutical Co. Ltd.

The Plymouth Meeting, Pa., company will now be able to enter definitive agreements with the owners of Rongheng to complete the purchase of the regional pharmaceutical distribution company.
 
Beijing Med-Phar, which helps pharmaceutical and biotechnology companies sell their products in China, first entered into an agreement to acquire Rongheng in May 2006.

Under Chinese law, a proposed sale of state-owned assets, such as equity interests in companies, must be posted on a regional property exchange -- in this case the Shanghai Exchange -- to permit their sale to the highest qualified bidder. The transaction will still have to be approved by China's Ministry of Commerce.

Source:未知