The wholly-owned subsidiary of AXM Pharma Inc. (OTC: AXMP) - AXM Shengyang – has entered into an Acquisition Restructure and Technology Transfer Agreement with Beijing Yuhuatang Biological Sci-Tech Development Co., Ltd. (Yuhuatang) - a leading Chinese research institute.
The terms of agreement include the following:
- AXM will issue approximately 4.5 million shares of the Company's common stock and RMB 1 million to Yuhuatang in exchange for all the common stock and technology of Yuhuatang.
- Yuhuatang will become a wholly owned subsidiary of AXM.
- AXM will acquire a broad portfolio of products including products in the areas of testosterone (a State-listed key new product) and testosterone undecanoate (a National Innovation Fund-supported product).
AXM Pharma, Inc. is a manufacturer of proprietary and generic pharmaceutical products for export and domestic Chinese sales.
Source: Pharmalive
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