NeoStem, Inc. (NYSE Amex: NBS), announced today that the Company has completed the acquisition of China Biopharmaceuticals Holdings, Inc. (OTC Bulletin Board: CHBP), a leading Chinese pharmaceutical company.
The acquisition was completed following the approval of shareholders that was obtained at a Special Meeting of Shareholders held yesterday at 11:00 am. The shareholders of China Biopharmaceuticals approved the acquisition at a meeting of its stockholders held yesterday at 9:00 am.
Robin Smith, MD, CEO of NeoStem commented, "This acquisition has been eagerly anticipated by supporters of both NeoStem and CHBP. At NeoStem, we are very excited to complete this transaction and begin our collaboration with Suzhou Erye Pharmaceutical Co. Ltd., CHBP's primary operating subsidiary. This milestone adds in a significant way to NeoStem's existing business and intellectual property platform and assists in opening international access for the Company and its clientele to advanced stem cell technologies, preeminent physicians, and innovative therapies for a growing number of conditions. We are grateful to the leaders of CHBP who have shared this vision with us, and to numerous supporters in the United States and China who have helped make this possible. We believe strongly that the combination of our two companies provides investors with a compelling growth story, that enjoys a portfolio of valuable intellectual property that enables enhanced revenue generation opportunities today and into the future."
The Company believes that the acquisition will add in a significant way to NeoStem's current and future growth prospects :