Alliance Boots, the owner of Europe'slargest pharmacy chain, said on Sunday it will buy a 12 percent stake inChina's Nanjing Pharmaceutical Co Ltd for about 56 million pounds ($91million).
On completion of the deal, Alliance Bootswill become the second-largest shareholder in Nanjing Pharmaceutical with boardand operational management representation.
Nanjing Pharmaceutical, which is listed onthe Shanghai Stock Exchange, is the fifth-largest pharmaceutical wholesaler inChina with sales of around 2 billion pounds in 2011.
The company has distribution centers in 12cities across eight provinces and one autonomous region. Its largestshareholder is Nanjing Pharmaceutical Group Ltd.
Alliance Boots first entered the Chinesepharmaceutical distribution market in 2008 through a joint venture withGuangzhou Pharmaceuticals Corp.
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