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Tibet Pharmaceutical cancels JV plan with Core Healthcare

Published: 11 Nov 2008 02:51:05 PST

Nov. 11, 2008 (China Knowledge) - Tibet Rhodiola Pharmaceutical Holding Company<600211> has inked agreement with Hong Kong-listed Core Healthcare Investment<8250> to cancel the plan of establishing a joint venture (JV), sources reported.

According to the Chengdu-headquartered company's statement on Tuesday, the cancelation is mainly because the core product of the JV failed in obtaining the approval from the State Food and Drug Administration of China.

In February, the two sides agreed to establish a joint venture to develop and produce products such as lyophilized recombinant human brain natriuretic peptide. Tibet Rhodiola Pharmaceutical and Core Healthcare Investment would hold 49% and 51% stake in the JV and the total investment would be RMB 392 million, according to the agreement.

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