MEDIA RELEASE PR36846
China Biopharmaceuticals Holdings, Inc. Shareholders Overwhelmingly Support Merger
with NeoStem, Inc., a NYSE AMEX Listed Company Trading Under Symbol 'NBS'
NEW YORK, Oct. 29 /PRNewswire-AsiaNet/ --
China Biopharmaceuticals Holdings, Inc. (OTC Bulletin Board: CHBP), an integrated bio-
pharmaceutical company, based in the People's Republic of China, announced today that its
shareholders have approved the acquisition of CHBP by NeoStem, Inc. (NYSE AMEX: NBS) by
an overwhelming vote in favor of approximately 80% of all issued and outstanding shares. The
approval was obtained at a Special Meeting of Stockholders held today.
The acquisition will add significant potential benefits to the growth prospects of Suzhou Erye
Pharmaceuticals Company Ltd. ("Erye"), CHBP's primary asset, including:
A. Benefits associated with being part of a publicly traded NYSE AMEX
listed company.
B. Enhanced distribution channels with global market potential.
C. Leadership by an internationally recognized medical advisory board
and executive management team led by Dr. Robin L. Smith, an
experienced healthcare executive, who will be overseeing the combined
operations.
D. Significant growth opportunities in the rapidly developing Stem Cell
treatment and therapy segment of healthcare.
E. Enables the combined entity to source drugs and treatments from each
other's pipeline.
F. Enhances company transparency and corporate governance enabling
greater visibility in capital markets.
The Merger will expand the business potential and drug development opportunities with the
addition of NeoStem's innovative Stem Cell therapy treatments. The expanded channels of
development and distribution should boost the Company's portfolio of over 100 drugs on seven
GMP lines, while benefiting distribution channels globally.
Madame Zhang, General Manager of Erye, said, "This Merger will allow us to expand the
business potential of Eyre's substantial lines of drugs, especially our proprietary small molecule
drugs, and distribute them throughout China, realizing what we anticipate will be tremendous
market potential. We look forward to a long and fruitful relationship with NeoStem and believe it
will benefit from the large and growing China pharmaceutical market, which is expected to
become the third largest drug market in the world (behind the US and Japan), and forecasted to
triple in size by 2013. We are excited at the opportunity to become part of a listed publicly
traded company and believe that this combination will prove beneficial to shareholders."
About NeoStem, Inc.
NeoStem is developing a network of adult stem cell collection centers that are focused on
enabling people to donate and store their own (autologous) stem cells when they are young and
healthy for their personal use in times of future medical need. The Company has also entered
into research and development through the acquisition of a worldwide exclusive license to
technology to identify and isolate VSELs (very small embryonic-like stem cells), which have
been shown to have several physical characteristics that are generally found in embryonic stem
cells and is pursuing other technologies to advance its position in the field of stem cell tissue
About China Biopharmaceuticals, Inc.
China Biopharmaceuticals Holdings, Inc (Symbol: CHBP) is a vertically integrated
pharmaceutical company dedicated to the discovery, development, manufacturing and
marketing of small and large molecule pharmaceutical products, including medicines, vaccines,
and active pharmaceutical ingredients for various categories of diseases. CHBP is a U.S.-listed
public company with operating subsidiaries and senior management based in China. For further
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's
current expectations, as of the date of this press release, and involve certain risks and
uncertainties. The Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of various factors. Factors that could cause future
results to materially differ from the recent results or those projected in forward-looking
statements include the "Risk Factors" described in the Company's Proxy Statement included as
a part of the Registration Statement on Form S-4/A filed with the Commission on October 6,
2009 as well as periodic filings made with the Securities and Exchange Commission. In
addition, the closing of the Merger is subject to the satisfaction of certain closing conditions as
set forth in the Form S-4/A.
CONTACT:
China Biopharmaceuticals Holdings, Inc
Catherine M. Vaczy, Vice President and General Counsel
T: 212-584-4180
E: cvaczy@neostem.com
SOURCE: China Biopharmaceuticals Holdings, Inc.
CONTACT: Catherine M. Vaczy,
Vice President and General Counsel,
+1-212-584-4180, cvaczy@neostem.com
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