NEW YORK (AP) - Pharmaceutical company American Oriental Bioengineering on said on Wednesday it signed a letter of intent to buy drug maker Changchun Xinan Pharmaceutical Group Co. for no more than $30 million.
American Oriental has 90 days to enter into a definitive purchase agreement with Changchun.
The company said Changchun has a set of women's health products that would complement its product offerings and said the purchase would also expand its manufacturing capabilities.