NEW YORK, Jan. 27, 2011 /PRNewswire-Asia-FirstCall/ -- BMP Sunstone Corporation (Nasdaq: BJGP) announced today that China's Ministry of Commerce granted clearance for the transaction in which sanofi-aventis (EURONEXT: SAN; NYSE: SNY) will acquire all outstanding shares of BMP Sunstone Corporation. The acquisition is structured as a merger of BMP Sunstone and a wholly-owned subsidiary of sanofi-aventis. As previously announced, sanofi-aventis offered to purchase BMP Sunstone for cash consideration of USD 10.00 per share, or a total of approximately USD 520.6 million, on a fully diluted basis. BMP Sunstone's board of directors has unanimously approved the transaction.

 

Under the terms of the merger agreement, completion of the transaction is subject to approval of the merger by BMP Sunstone's stockholders. Stockholders controlling approximately twenty-two percent of BMP Sunstone's shares on a fully diluted basis and seventeen percent on an undiluted basis have committed to vote in favour of the transaction. The transaction is expected to close during the first quarter of 2011.

 

About BMP Sunstone

 

 

 

BMP Sunstone Corporation is a specialty pharmaceutical company that is building a proprietary portfolio of branded pharmaceutical and healthcare products in China. Through Sunstone the Company manufactures leading pediatric and women's health products sold in pharmacies throughout the country. The Company also markets a portfolio of products under exclusive multi-year licenses into China, primarily focused on women's health and pediatrics, as well as provides pharmaceutical distribution services through subsidiaries in Beijing and Shanghai. BMP Sunstone's main office is in Beijing, with a U.S. office in Plymouth Meeting, PA.

 

Source:drugs