Biostar Pharmaceuticals Acquires Shaanxi Weinan Huaren Pharmaceuticals, Ltd. for $9.6M

Biostar Pharmaceuticals, Inc. BSPM today announced that on October 20, 2011, it completed the previously announced acquisition of Shaanxi Weinan Huaren Pharmaceuticals, Ltd. for an aggregate cash price of RMB 61 million (approximately USD$9.62 million). Additionally, the name of the acquired company changed to Shaanxi Weinan Aoxing Pharmaceuticals, LLC. ("Shaanxi Weinan"). Following the completion of this acquisition, Biostar increased its portfolio of drug approvals and permits with an additional 86 drugs (60 prescription drugs and 26 OTC drugs) and one health product. Ronghua Wang, Biostar's Chairman of the Board and Chief Executive Officer noted, "With the closing of this transaction, we have completed a significant step towards achieving our growth strategy of expanding our product portfolio and increasing our market share. Shaanxi Weinan's state-of-the-art facility has five production lines, a high-tech laboratory, and is located approximately 60 miles from our Xianyang facility."