US-BASED LAM PHARMACEUTICALS TO BUY CHINA'S NEW WORLD KELLERTON

US-based LAM Pharmaceuticals is to acquire Xinyang-based Chinese drugmaker New World Kellerton. The US company's planned acquisition is valued at some US$14mn, including US$7mn in cash for a 51% stake, as well as a further phased payment in shares, dependent on LAM Pharmaceuticals' price reaching US$0.30 per share.

LAM Pharmaceuticals develops and manufactures novel wound-healing and transdermal drug delivery products. New World Kellerton is currently seeking markets for a tuberculosis treatment known as Hipreomycin, which has already received Chinese and Indian approval, as well as injectable haemorrhoid therapy Shao-Bei.