Fosun Set to Acquire Control of Alzheimer’s Drug Maker

A Shanghai firm known as Fosun Pharmaceutical Group Co. is moving forward with an acquisition plan to hold a majority share in a Chinese enterprise responsible for creating the nation's first local treatment for Alzheimer’s. However, the medication's production and distribution were later put on hold.

The medicine, developed by Green Valley, is derived from seaweed and goes by the name sodium oligomannate or GV-971.

The transaction, valued at 1.41 billion yuan, approximately $200 million, will involve Fosun Pharma acquiring a 53% interest in the Shanghai-based company through one of its subsidiaries and a specially formed vehicle, as stated in a notification to the Shanghai Stock Exchange.