Nanjing Hicin to buy Italian company

Updated 2017-11-28 13:31:55 Global Times

Nanjing Hicin Pharmaceutical Co announced on Sunday that it has joined several other investors in a deal to purchase a 90 percent stake in Italian medical company Nerviano Medical Sciences Group, according to a company statement.

Nanjing Hicin and partners, including Shanghai-based V-Capital, have agreed to set up a fund of 600 million yuan (.93 million) for acquiring the stake, the company said in a statement to the Shenzhen Stock Exchange on Sunday night.

The statement said that Nanjing Hicin would invest 100 million yuan in the fund. Further details of the acquisition were not disclosed in the statement.

The announcement pushed Nanjing Hicin's shares in Shenzhen 1.77 percent higher at the market close on Monday.

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