Bio-Bridge Science, Inc. (BGES), a biotechnology company engaged in the commercial development of vaccines for the prevention and treatment of human infectious diseases announced that it had received a certificate of approval from the Department of Commerce of Inner Mongolia Autonomous Region of the PRC for approving the acquisition of Xinheng Baide Biotechnology Co. Ltd.
BGES has one month to close the transaction, and obtain the new business license. The transaction is expected to close before the end of July, a company press release stated.
Dr. Liang Qiao, chairman and CEO of Bio-Bridge said, "We are happy to see the Inner Mongolia government has approved our acquisition of Xinheng Baide. The completion of the acquisition of Xinheng Baide will be a significant first step of our acquisition strategy. We believe Xinheng Baide will provide revenues and complementary products to Bio-Bridge."