Fosun Plans to Buy Maker of Controversial Alzheimer’s Drug
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Green Valley’s drug is a seaweed-derived compound known as sodium oligomannate, or GV-971.Shanghai Fosun Pharmaceutical Group Co. announced plans to acquire a controlling stake in a Chinese company that developed the country’s first indigenous therapy for Alzheimer’s disease only to wind up later suspending sales and production.Under the 1.41 billion yuan ($200 million) deal, Fosun Pharma will buy a 53% stake in Shanghai-based Green Valley Pharmaceutical Co. via a unit and a special-purpose vehicle, according to a filing to the Shanghai Stock Exchange on Monday.