Pibao Pharma plans land purchase for expansion
Shanghai. September 14. INTERFAX-CHINA - Guangdong Pibao Pharmaceutical Co. Ltd. plans to deploy RMB 104 million ($15.43 million) to purchase a site for new production and research and development (R D) facilities, the company announced Sept. 14.
On Sept. 10, the company bid for the land, buildings and equipment of the 25,363-square-meter Yudong Printing Factory in Shantou City, Guangdong Province. The purchase has yet to be approved by shareholders.
The company plans to use the site for Good Manufacturing Practice (GMP) certified workshops for Bai Rong Zhi Ke solution (used to treat coughs), Gu Lou Shan liquor (used to treat abrasions), and heat-relieving Jie Re Xiao Yan capsules.
In addition, Pibao Pharma may use the premises to manufacture some products in collaboration with other companies, the announcement said.
The site is also adjacent to Pibao Pharma's existing facilities, enabling the company to make more efficient use of its land resources.
Based in Shantou, Pibao Pharma specializes in traditional Chinese medicines (TCM). The company launched an initial public offering (IPO) on the Shenzhen Stock Exchange in June this year to fund the construction of two GMP-certified production facilities for its ointment and pill product lines.