Benda Acquires Majority Stake in SiBiono

Benda Pharmaceutical announced that, through its Chinese subsidiary Hubei Tongji Benda Ebei Pharmaceutical, it has acquired majority ownership of Shenzhen SiBiono GeneTech for approximately $7.7 million.

SiBiono makes Gendicine, the first cancer gene therapy to be approved and commercialized anywhere in the world.

In addition to the cash transaction, Benda issued 2.1 million shares of restricted common stock as consideration for services rendered under a financial consultancy agreement.

"The acquisition of a majority ownership of SiBiono is a watershed event for Benda, significantly increases the breadth of our product lines and establishes Benda as a worldwide leader in the field of gene therapy products," Yiqing Wan, CEO and chairman of Benda, said.

Benda is engaged in the business of identifying, discovering, developing and manufacturing conventional medicines, active pharmaceutical ingredients, bulk intermediates and traditional Chinese medicines for treating common ailments, diabetes and cancer.