American Oriental Bioengineering (AOBO), a leading manufacturer and distributor of plant-based pharmaceutical and nutraceutical products, has announced that it has completed the acquisition of Guangxi Boke Pharmaceutical. The purchase price for this all cash transaction is approximately $36.5 million (RMB 274 million) and the acquisition is accretive immediately upon closing.
Mr Tony Liu, Chief Executive Officer of AOBO stated, "We are very pleased to close this transaction. Boke has an exciting portfolio of products, including its nasal congestion and sinus relief products, that can be used by a large segment of the population in China. This acquisition further diversifies our product offering, provides added consistency to our revenue stream and allows us the opportunity to strengthen our OTC distribution network in China."
"As we move forward, we intend to select Boke's most promising and profitable products to leverage across our large distribution network," concluded Mr Liu.
Boke manufactures and distributes plant-based pharmaceutical, nutraceutical and personal care products, marketed primarily in China, with the majority of its products sold over-the-counter. The Company's major revenue generating product line alleviates nasal congestion and provides sinus relief, and is available in spray, tablet, capsule and granule formulations.