Alliance BMP Limited, a UK-based investment vehicle 80 percent-owned by Alliance Boots plc, and 20 percent-owned by Beijing Med-Pharm, has received its business license from the Guangzhou Municipal City Government’s Bureau of Industry and Commerce.

Alliance BMP Limited will account for financial results from its 50 percent stake in Guangzhou Pharmaceuticals Corporation (“GP Corp.”), the third largest pharmaceutical wholesaler in China.

The accretive transaction is expected to close by the end of January 2008, at which point Beijing Med-Pharm will complete payment for its 20 percent stake in the joint venture and David Gao, Beijing Med-Pharm’s Chief Executive Officer, will commence serving as Chairman of GP Corp.

The transaction involves a total capital investment of RMB 545 million ($74.4 million) in cash in exchange for a 50 percent ownership interest in GP Corp. GP Corp. has grown rapidly in recent years, with annual revenues increasing from RMB 4.4 billion ($565 million) in 2003 to RMB 7.4 billion ($0.9 billion) in 2006. GP Corp. serves more than 12,000 hospitals, pharmacies, and other wholesalers from eight distribution facilities located throughout Guangdong Province and southeast China.

Beijing Med-Pharm Corporation, through its subsidiaries, is a pharmaceutical marketing and distribution company that is building a proprietary portfolio of branded pharmaceutical and healthcare products in China and is pursuing partnerships with other companies seeking to enter the Chinese pharmaceutical market. It is the only U.S. public company to offer industry partners a comprehensive suite of market-entry services in China that includes pre-market entry analysis, clinical trial management, product registration, market research, as well as pharmaceutical marketing and distribution.