China Biologic Products, Inc. (CBPO) Friday said it considers Shanghai RAAS as one of its direct competitors in China and therefore does not view the proposed transaction as a viable one. Further it clarified that it has currently no intention to discuss the possibility with Shanghai RAAS and may take necessary actions to block the transaction.
The company said it had no knowledge of the proposed Shanghai RAAS Transaction prior to the public announcement, nor has it had any communication with the company regarding this.
According to the statement, China Biologic recently learned from a public announcement issued by Shanghai RAAS Blood Products, that Siu Ling Chan, one of the shareholders of China Biologic, and her spouse, Tung Lam, entered into a stock purchase agreement with Shanghai RAAS, subject to shareholder approval. As per reports, Chan has agreed to sell an aggregate of 2,657,660 shares of China Biologic, representing 9.9 percent of its outstanding shares. Shanghai RAAS further said it intends to develop strategic business cooperation with China Biologic.
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