China- and U.S.-based American Oriental Bioengineering (AOB) has acquired Chinese drugmaker Guangxi Lingfeng Pharmaceutical (GLP), which specializes in the manufacturing and distribution of plant-based medicines, the company announced. The acquisition cost approximately $25 million $20 million in cash and 1,200,000 shares of restricted common stock of AOB.
The purchase of GLP will extend AOB's product line into the area of women's
health, said the company. Specifically, AOB will develop treatments for gynecological
inflammations, endometritis and annexitis.