Pryor Cashman Transaction, Acquisition of China Medicine Corporation by One Equity Partners, Recognized As “Health Care/Life Sciences Deal of the Year” in The M&A Advisor 2nd Annual International Awards
The M&A Advisor has announced the 2nd Annual International Awards Recipients. International Award Winners were chosen from transactions which closed between January 1, 2009 and March 31, 2010.
Pryor Cashman is proud to announce that the acquisition of a control interest in China Medicine Corporation (OTC BB: CHME) by One Equity Partners, won the Health Care/Life Sciences Financing International Deal of the Year in the Major Deal Category. One Equity Partners is the global private equity investment arm of J.P. Morgan Chase & Co.
China Medicine Corporation is a Guangzhou, China based developer, manufacturer and leading distributor of prescription and over the counter pharmaceuticals, traditional Chinese medicines, nutritional and dietary supplements, and medical devices and medical formulations.
The China Medicine transaction, which closed in February 2010, resulted in the acquisition by One Equity of common stock and redeemable convertible preferred shares for aggregate gross proceeds of $69.6 million.
The Pryor Cashman team advising China Medicine included Corporate attorneys Stephen Goodman, Elizabeth Chen, Lloyd Steele and Durre Hanif, as well as attorneys from the firms’ Banking & Finance, Tax and Litigation Groups.
The acquisition drew upon Pryor Cashman's expertise in Health Care/Life Science and the China Practice. In Health Care/Life Science, Pryor Cashman represented established, mid-stage and start-up companies in the pharmaceutical, bio-tech and life science disciplines. Pryor Cashman’s China Practice represents China based companies accessing the U.S public and private capital markets as well as inbound acquisitions and investments in China.
