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Shares of Abbott Laboratories (NYSE:ABT) ended Wednesday session in green amid volatile trading. The shares closed up +0.64 points or 1.52% at $42.74 with 7.22 million shares getting traded. Post opening the session at $42.34, the shares hit an intraday low of $42.33 and an intraday high of $42.81 and the price vacillated in this range throughout the day. The company has a market cap of $62.16 billion and the numbers of outstanding shares have been calculated to be 1.47 billion shares.

Abbott Laboratories (ABT) will announce its third-quarter 2016 financial results on Wednesday, Oct. 19, 2016, before the market opens.

The announcement will be followed by a live webcast of the earnings conference call at 8 a.m. Central time (9 a.m. Eastern), and will be accessible through Abbott’s Investor Relations website at www.abbottinvestor.com. An archived edition of the call will be available after 11 a.m. Central time.

Shares of Biostar Pharmaceuticals Inc (NASDAQ:BSPM) ended Wednesday session in green amid volatile trading. The shares closed up +0.01 points or 0.29% at $3.46 with 115,112.00 shares getting traded. Post opening the session at $3.42, the shares hit an intraday low of $3.23 and an intraday high of $3.53 and the price vacillated in this range throughout the day. The company has a market cap of $7.29 million and the numbers of outstanding shares have been calculated to be 2.21 million shares.

Biostar Pharmaceuticals, Inc. (BSPM), a PRC-based manufacturer of pharmaceutical and health supplement products, and Xianyang Yongsheng Health Products Co., Ltd., a privately held PRC-based health product manufacturer located in Xianyang, China (“Xianyang Yongsheng”), announced that they have entered into a non-binding Letter of Intent under which Biostar intends to acquire 100% of equity interest in Xianyang Yongsheng in exchange for (i) a cash payment, the amount of which is to be determined following completion of the due diligence review of the target, and (ii) issuance of shares of Biostar’s restricted common stock, subject to regulatory limitations. The contemplated acquisition is subject to completion of due diligence review, customary definitive documentation and requisite corporate and regulatory approvals. The final terms of the proposed acquisition will be available upon the execution of the definitive documents. The companies seek to complete this transaction in the second half of 2016.

Xianyang Yongsheng has three production lines, including health “Yuye” wine (a popular brand in the PRC market), tea and capsules, and maintains a 24-acre Chinese herbal medicine ecological park.

Mr. Wang Ronghua, the Chairman of Biostar, commented, “We have been following the developments of the health industry and it appears that the consumer interest for health products based upon the principles of the traditional Chinese medicine have been increasing in recent years. This contemplated acquisition is aimed at increasing the Company’s R&D development and productions capabilities as well as at improving the profitability of the Company’s current product line.”

 

 

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