Milestone invests $30 million in Chinese pharma group
Milestone Capital, a Shanghai-based private equity firm, has reached an agreement to invest $30 million in China BCT Pharmacy Group, Inc., a listed pharmaceutical distributor, retail pharmacy, and manufacturer of pharmaceutical products in Guangxi Province, China.
According to a company press release, the preferred shares carry a dividend of 5% and are convertible initially into an equal number of shares in China BCT Pharmacy's Common Stock at an initial conversion price of $3.20 per share. After the conversion of prefer shares, Milestone Capital will have 18.5% of the outstanding share capital of the Company. Under the agreement, the firm will have right to appoint one director and to recommend an additional independent director to the company's board, which will increase to seven directors upon closing of the transaction.
The private equity firm currently operates Milestone China Opportunities Fund I, L.P. and the Milestone China Opportunities Fund II, L.P., which invest primarily in established high-growth companies in China for typically between $10 million to $100 million per company.
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