Kunming drug distributer gets funding
Kunming-based medical logistics and distribution company First China Pharmaceutical Group has received $2.7 million from a group led by New York-based investment and merchant bank Wellfleet Partners. Three institutional investors, including existing backer, Cedarview Capital, also participated in the financing round.
According to First China, the investment comes as a significant boost to its available capital, bringing its total funding to $3.5 million. The investment follows a recent $500,000 injection. The company plans to use the raised capital to expand sales and customer relationship teams, as well as boost its product lines.
Among First China's specific expansion plans is its impeding acquisition of Guangdong-based pharmaceutical distributor Shenzhen Ming He Tang, noting in a statement that the buyout "remains a top priority for the company with high level discussions planned for the near future." First China claims to distribute 5,000 different variations of drugs, including 1,000 over-the-counter medications, 1,000 prescription drugs, 2,000 prepared Chinese medicines and 1,000 supplements to pharmaceutical outlets across the PRC.
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