BioCentury
ARTICLE | Company News

Tongjitang, Fosun Industrial Co. Ltd., Hanmax deal

April 12, 2010 7:00 AM UTC

Hanmax, a company controlled by Tongjitang Chairman and CEO Xiaochun Wang, and Fosun proposed to acquire all outstanding shares of Tongjitang for $1.125 per share or $4.50 per ADS. The proposal values the musculoskeletal, neurology and dermatology company at $125 million based on 111.1 million shares outstanding at Dec. 31, 2009. The price is a 19% premium to Tongjitang's close of $3.78 on April 7, the day before the deal was proposed. Each ADS is equal to 4 shares. ...