Tongjitang Chinese Medicines Company Limited, a vertically integrated specialty pharmaceutical company focused on the development, manufacturing, marketing and selling of modernized traditional Chinese medicine in China, announced the completion of its acquisition by Hanmax Investment Limited, a British Virgin Islands business company (“Hanmax”), and Fosun Industrial Co., Limited, a company incorporated in Hong Kong (“Fosun”), and the related financing. As a result of the acquisition, the Company, previously listed on the New York Stock Exchange under the ticker symbol “TCM,” was privatized as a wholly owned subsidiary of Hanmax and Fosun. Hanmax is an affiliate of Mr. Xiaochun Wang, chairman of the board of directors and chief executive officer of the Company.
“The transaction was notable in that it was the first going-private transaction by an NYSE-listed Chinese company incorporated in the Cayman Islands under the new Cayman Islands merger statute,” commented partner Louis Lehot.
Sheppard Mullin represented the independent committee of the Company’s board of directors in the privatization and related financing, with a deal team led by partner Louis Lehot. Partners Jamie Mercer and Don Williams also advised on the transaction, supported by counsel Xudong Ni and associates Edwin Astudillo, Jason Schendel and Yi Zhu. Thorp Alberga served as special Cayman Islands counsel and Morgan Stanley acted as financial advisor to the independent committee.
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