One of Europe’s biggest pharmacy chains has announced that it is to purchase a stake in a major Chinese pharmaceutical company, as it seeks to have a greater presence in the country.
Alliance Boots, which runs the subsidiary Boots, has provisionally agreed terms with Nanjing Pharmaceutical Company Limited to buy a 12 per cent stake for £56 million.
With many people moving to China from all over the world, all sorts of organisations, large and small, are expanding their business into the country.
Alliance Boots sees real opportunity to make a substantial impact on the pharmaceutical market. With China home to 1.3 billion people, there is real scope for the company to develop into a serious player.
“We are delighted to be partnering with such an established player in the Chinese pharmaceutical market and believe there is huge potential in working together to create a great healthcare distribution network,” said Stefano Pessina, executive chairman of Alliance Boots.
“This agreement builds on the success we have already had in China and further strengthens our commitment to the country as well as our willingness to play an active role in the evolution of the market in partnership with the authorities and key players.”
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