Chinese pharmaceutical company Betta Pharmaceuticals (Betta) has announced its intention to acquire a majority stake in fellow Chinese pharmaceutical company AnewPharma.

Betta proposes to pay ¥371.6m ($54.08m) to acquire 77.4% stake in the target company.

Eli Lilly and Company has announced that it has completed the acquisition of biopharmaceutical company CoLucid Pharmaceuticals.

The $960m acquisition will help the acquirer company improve its existing portfolio in pain management for migraine.