31 Mar 2010 10:14

Merro Pharma to set up new subsidiary

Shanghai. March 31. INTERFAX-CHINA - Shanghai Stock Exchange-listed Dalian Merro Pharmaceutical Co. Ltd. announced on March 31 it plans to establish a new subsidiary.

According to the announcement, Merro Pharma will spend RMB 30 million ($4.39 million) in setting up the subsidiary. The new unit will engage primarily in the sales and distribution of drugs, medical devices, laboratory glassware and chemical regents.

Merro Pharma produces more than 200 types of drugs, of which 40 types are included in the most recent version of China's national essential drug list.

As of the end of 2008, the company recorded total assets of RMB 1.56 billion ($228.40 million) and owned 15 wholly-owned subsidiaries across China.