LAM Pharmaceutical to Acquire Pharmaceutical Company in China
LAM Pharmaceutical, Corp., a biomedical company focused on the development and commercialization of novel wound healing and transdermal drug delivery systems, announced it has signed a provisional agreement to acquire New World Kellerton, a pharmaceutical company based in Xinyang, China in a transaction valued at approximately $14 million. Per the provisional agreement, LAM will acquire a 51 percent interest for approximately $7 million in cash. The remaining 49 percent, valued at $6.85 million will be settled by the issuance of shares once LAM's market price reaches a minimum price of $.30 per share, with a maximum of 10% of the balance being converted in any 30 day period.
New World Kellerton has a recently updated manufacturing facility that meets the GMP guidelines of China, the United States and the United Kingdom. The pharmaceutical company is currently developing markets for two products Hipreomycin, an anti-tuberculosis drug approved in China and India, and Shao-Bei, a recently approved injectable hemorrhoid treatment. The Company recently applied to become the certified supplier of Hipreomycin to the United Nations, which could result in sales of over 6 million doses per year, if approved.
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