Advertising and marketing giant WPP PLC (LSE: WPP) said its unit Sudler & Hennessey, the global healthcare marketing and communications network, has agreed to acquire a 60 percent stake in Chinese healthcare agency MDS.
Founded in 2007, MDS operates in both Shanghai and Beijing. The agency employs 50 people and its clients include Bayer, Pfizer, Sanofi-Aventis, Sanofi-Pasteur and Schering Plough.
MDS made revenues in 2008 of Renminbi8.8million, with gross assets at the same date of Renminbi6.1million. Further financial details were not disclosed.
This investment continues WPP's strategy of developing its networks in fast-growing and important markets and sectors and demonstrates the group’s commitment to developing its business in China, the company said in a statement.
Greater China - a region WPP has been committed to for over 20 years - remains one of the fastest growth markets for the company, generating revenues of over US$800 million. WPP currently employs 11,000 people, including associates, across Greater China, it added.