(Yicai Global) Aug. 29 -- Huadong Medicine plans to acquire all shares in UK aesthetic and medical firm Sinclair Pharma for GBP169 million (USD217.45 million) as part of plans to create a global platform for cosmetic medicine.

The company signed a binding offer agreement with Sinclair yesterday and issued a cash offer to all shareholders of the target company through an announcement.

The acquisition is in line Huadong's strategy of developing internationally and the company intends to introduce and market new medical products and technologies on a global scale.

The offer price is GBP0.32 per share, around 75 percent higher than Sinclair's closing price on the firm's last trading day.

According to UK laws, the acquisition is subject to the approval of both Chinese and British regulatory authorities, and the Chinese company shall decide whether to issue a formal offer to Sinclair no later than Oct. 5. This deadline may be extended with the consent of the UK M&A Committee.

Editor: William Clegg