Stock News: STAR Pharmaceutical Ltd acquire research institute for 55 mlm yuan!

STAR Pharmaceutical Ltd said it has agreed to acquire 60 pct of research institute Beida Shijia Technology Development Co for 55 mln yuan from Milion Power Holdings Ltd. Peking University will hold the balance of 40 pct in Beida Shijia, which specializes in the research and development of innovative drugs formulated from traditional Chinese medicines. STAR Pharmaceutical said that the acquisition will be funded from the proceeds of its initial public offering and internal resources.