By  on September 16, 2012

U.K.-based health and beauty group Alliance Boots said Sunday it will buy a 12 percent stake in Nanjing Pharmaceutical Company Limited for 560 million renminbi, or $88.49 million.

Alliance Boots said it will become the second-largest shareholder in Nanjing Pharmaceutical and have board and operational management representation. The Chinese company is China's fifth-largest pharmaceutical wholesaler in China with sales of 20 billion renminbi, or $3.16 billion, Alliance Boots said.

Alliance Boots first entered the Chinese pharmaceutical distribution market in 2008 through its Guangzhou Pharmaceuticals Corporation joint venture.

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