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American Oriental, China Aoxing to jointly market pain drugs

April 16, 2008
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Pharmaceutical company American Oriental Bioengineering Inc. said recently it will take a 38 percent stake in China Aoxing Pharmaceutical Company Inc. as part of a deal to jointly develop and market narcotics and pain relievers in China, the Associated Press is reporting.

American Oriental Bioengineering will pay $18 million for 30 million shares of China Aoxing, which is traded in the Over-the-Counter market in the U.S.

Separately, China Aoxing said it closed its acquisition of Shijiazhuang Lerentang Pharmaceutical Company Ltd., a China-based drug maker specializing in pain-management products.

American Oriental said the deal will allow it to increase its narcotic and pain-management offerings in China, while China Aoxing said it will benefit from American Oriental''s sales and marketing and distribution networks.
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