Chinese pharmacy operator No.1 Pharmacy plans to acquire a 50% stake in Shanghai Lianhua Fuxing Drugstore Chain Management Company Limited held by Shanghai Fosun Pharmaceutical (Group) Company.
No.1 Pharmacy's press release about this acquisition did not reveal the detailed transaction value. However, it said that the acquisition considerations should be decided after an audit and evaluation of Shanghai Lianhua Fuxing Drugstore Chain Management Company.
Over the past two years, No.1 Pharmacy has been sticking to its overall development strategy, which is to combine physical development with capital operation to enhance its comprehensive competitiveness. In regards to physical development, the company continued to enlarge its chain market coverage in 2012 while exploring various models to become a dull service pharmacy operator.
In July 2012, No.1 Pharmacy announced that based on its 51% stake in Chongming Medical, which was acquired by the company in 2011, No.1 Pharmacy would continue to seek new acquisitions of businesses and companies, which was in line with the overall strategy of the company.