Day Light Reduces Price In Bid To Sell Off Pharmaceutical Subsidiaries
This article was originally published in PharmAsia News
Executive Summary
Due to the failure to secure a sales license in China, allegedly due to "tarnished" operations, U.S. direct sales firm Day Light has pulled out from the market. Its attempt three months ago to sell off two China subsidiaries, Day Light Pharmaceuticals and Day Light Biotechnologies, found no buyers, leading to the recent drop in offer price to about RMB 20 million. Sources reveal that the two subsidiaries' net asset was over RMB 40 million in 2006, and the current worth is estimated to exceed RMB 50 million. Day Light has suspended its China business since last October but to date has not refunded franchisees their fees. Lawyers representing the latter confirmed that the firm has yet to give a clear explanation. href='http://www.chinasecurities.com.cn/cqzk/11/200810/t20081010_1617756.htm'>(Click here for more - Chinese Language)