BEIJING, March 3, 2014 /PRNewswire/ -- China Biologic
Products, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), a
leading fully integrated plasma-based biopharmaceutical company in
China, today announced that the
Company has completed its repurchase of 2.5 million shares of
common stock for a total consideration of $70 million. This transaction was originally
announced in the Company's 8-K SEC filing on January 28, 2014.
Mr. David (Xiaoying) Gao,
Chairman and Chief Executive Officer of China Biologic, commented,
"In the past six months, we have closed two share repurchase
transactions totaling 3.98 million shares of common stock for a
total consideration of $99.6 million.
Through these repurchase transactions, we continue to enhance our
shareholder structure and increase shareholder value. We are also
pleased that the two individual selling shareholders in these
repurchase transactions have both reached settlement with the
certain plaintiff group the title dispute regarding the Company
shares held by such selling shareholders."
As originally announced on January 28,
2014, China Biologic Products, Inc. entered into a
Repurchase Agreement with Ms. Siu Ling
Chan, an individual shareholder of the Company, and Mr. Tung
Lam, the spouse of Ms. Chan, pursuant to which the Company agreed
to repurchase 2.5 million shares of its common stock, representing
approximately 9.67% of the total common stock outstanding on
January 27, 2014. The repurchase
price is $28.00 per share totaling
$70 million in aggregate.
About China Biologic Products, Inc.
China Biologic Products, Inc. (Nasdaq: CBPO), is a leading fully
integrated plasma-based biopharmaceutical company in China. The Company's products are used as
critical therapies during medical emergencies and for the
prevention and treatment of life-threatening diseases and
immune-deficiency related diseases. China Biologic is headquartered
in Beijing and manufactures over
20 plasma-based products through its indirect majority-owned
subsidiaries, Shandong Taibang Biological Products Co., Ltd. and
Guiyang Dalin Biologic Technologies Co., Ltd. The Company also has
an equity investment in Xi'an Huitian Blood Products Co., Ltd. The
Company sells its products to hospitals and other healthcare
facilities in China. For
additional information, please see the Company's website
www.chinabiologic.com.
Safe Harbor Statement
This news release may contain certain "forward-looking
statements" relating to the business of China Biologic Products,
Inc. and its subsidiaries. All statements, other than statements of
historical fact included herein, are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects," or
similar expressions, and involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
involve assumptions, risks, and uncertainties, and these
expectations may prove to be incorrect.
Investors should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a
result of a variety of factors, including its potential inability
to achieve the expected operating and financial performance in
2014, potential inability to find alternative sources of plasma,
potential inability to increase production at permitted sites,
potential inability to mitigate the financial consequences of a
temporarily reduced raw plasma supply through cost cutting or other
efficiencies, and potential additional regulatory restrictions on
its operations and those additional risks and uncertainties
discussed in the Company's periodic reports that are filed with the
Securities and Exchange Commission and available on its website
(http://www.sec.gov). All forward-looking statements attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these factors. Other than as
required under the securities laws, the Company does not assume a
duty to update these forward-looking statements.
Contact:
China Biologic Products, Inc.
Mr. Ming Yin
Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com
ICR Inc.
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
E-mail: bill.zima@icrinc.com
SOURCE China Biologic Products, Inc.