Alibaba Health Surges To All-Time High On Online Pharmacy Deal

April 15, 2015 1:37 AM

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Alibaba Health Surges To All-Time High On Online Pharmacy Deal

Alibaba Health Information Technology Ltd., the subsidiary of China’s biggest e-commerce operator, surged to a 15-year high on plans to acquire an affliate’s online pharmacy business in a HK$19.4 billion ($2.5 billion) deal.

The stock surged as much as 99 percent to HK$13.50 in Hong Kong trading today. The health unit will issue shares and convertible bonds to buy Beijing Chuanyun Logistics Investment Ltd., according to a statement. The business is being acquired from Ali JK Investment, a wholly owned unit of Alibaba Gr...

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