Deal will combine the Chinese company's networks with Australian healthcare brands

Shanghai Pharmaceuticals Holding Co Ltd agreed to take a 60 percent stake in Australian vitamins maker Vitaco Holdings Ltd for around 938 million yuan ($141 million) on Thursday.

The Hong Kong-listed drugmaker said in a regulatory filing that its wholly owned subsidiary, SIIC Medical Science and Technology (Group) Ltd, and private equity firm Zeus Ltd, which will contribute 40 percent to the deal, have agreed to set up a joint venture for privatization of the Australia-listed healthcare company.