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Lehi – Nature's Sunshine Products, Inc. has closed its previously announced China joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd. and private placement transaction of 2.854 million shares of common stock, representing approximately 15 percent of Nature’s Sunshine’s outstanding common shares, to Fosun Pharma at a price of $16.19 per share. Aggregate proceeds to Nature's Sunshine were approximately $46.2 million.
"Our strategic alliance with Fosun Pharma is the first of its kind between a U.S. company and a Chinese company for direct selling products in China," said Gregory L. Probert, chairman and CEO of Nature’s Sunshine Products.
The joint venture, known as Nature's Sunshine Hong Kong Limited, is 80 percent owned by Nature's Sunshine and 20 percent owned by a wholly-owned subsidiary of Fosun Pharma.
At closing of the private placement and joint venture, Nature’s Sunshine’s board of directors declared a special cash dividend of $1.50 per share payable on Sept. 19 to shareholders of record as of the close of business on September 8, 2014.