BEIJING, Dec. 9 (Xinhua) -- Zhejiang Huahai Pharmaceutical Co., Ltd. recently announced that Prinston Pharmaceutical, Inc., controlled by a wholly owned subsidiary of Huahai, has planned to acquire 100 percent equity in a plant of Par Pharmaceutical, Inc. in Charlotte, North Carolina in the U.S. for 14 million U.S. dollars.
The pharmaceutical plant in Charlotte has an annual production capacity of 7 billion pieces of medicine preparations and is able to produce psychiatric and anesthesia medicines that are controlled in the U.S.
The planned takeover is seen as an attempt by Huahai Pharmaceutical to realize its strategy of having production base in the U.S., and complies with its long-term strategy of entering the field of controlled preparations in the U.S. and obtaining orders from the U.S. government. (Edited by Li Xiaohui, lixh@xinhua.org)
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