China Biopharmaceuticals buys 51% stake in Chengdu Tianyin Pharmaceutical

By Ted A. Knutson

Washington, Jan. 5 - China Biopharmaceuticals Holdings, Inc. said its China Biopharmaceuticals Corp. subsidiary agreed to acquire a 51% state in Chengdu Tianyin Pharmaceutical Ltd. Co. from four of that company's shareholders.

China Biopharmaceuticals will be issuing 3 million shares of its common stock to existing shareholders of Tianyin and has agreed also to invest $2 million into Tianyin operations.

Additionally, 300,000 China Biopharmaceuticals shares will be given to Tianyin shareholders if Tianyin's after tax audited profit for the year ended Dec. 31, 2006 reaches at least $3 million.

Tianyin is a pharmaceutical company located in the city of Chengdu, Sichuan Province, China, specialized in research and development, production and sales of pharmaceutical products as well as Chinese traditional medicine products.

Jiangsu, China-based China Biopharmaceuticals made the announcement in an 8-K filing with the Securities and Exchange Commission.

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