By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Chinese biomedical testing firm Mingyuan Medicare Development announced that its wholly own subsidiary SHMY HealthDigit Biochips has entered into an agreement to purchase 70 percent of Shanghai Yuanqi for CNY354 million ($55 million).

SHMY will pay CNY225 million in cash and issue about 327 million shares of Mingyuan stock at HK$.478 per share, totaling CNY129 million, for the deal.

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