GlaxoSmithKline (GSK) is planning to buy China's specialist drugmaker Nanjing MeiRui Pharma as part of the UK's biggest pharmaceutical company's plan to pursue acquisitions and alliances in emerging markets to bolster its revenue since its exclusive patents on several of its leading drugs are soon to expire.
Reuters had reported yesterday that GSK plans to buy MeiRui for a modest $100 million and expects to close the deal before the end of the year.
Nanjing, Jiangsu province-based MeiRui was established in 1996 and is owned by Pagoda Pharma Group, a British Virgin Islands-based holding company.
MeiRui specialises in products to treat and diagnose urological conditions. It is one of the leaders in therapeutics for the treatment of benign prostatic hyperplasia (BPH), commonly known as an enlarged prostate, and is constantly expanding its product offerings to treat and diagnose related conditions.
The company works closely with the Chinese Urological Association to develop enhanced standards for the treatment of urological diseases and new therapies for their care.
MeiRui's drugs include Prostat that is used in the treatment for BPH and chronic non-bacteria prostatitis, SheNiTing for the treatment of patients with overactive bladder, Urexact, a digital urine monitoring system used for to measure the urine output of intensive care patients and ImmunoCAPTM allergen detection system for R&D and production of allergic diseases of the automatic detection system diagnosis.