Two China pharma-related companies successfully completed their IPOs, ending a long drought of new offerings. Guilin Sanjin Pharmaceutical Co, a traditional Chinese medicine company, will make its debut on the Shenzhen exchange soon after pricing its offering this past week. On the New York Stock Exchange, chemical company Chemspec, which produces APIs as well as other specialty chemicals, listed its shares. Both issues received an enthusiastic welcome.
Novast Pharmaceuticals Ltd., a Chinese maker of generic pharmaceuticals aimed at world markets, raised $25 million in a Series C funding, according to VentureWire. In its sixteen years of existence, Novast has developed more than 80 different products, which are either commercialized or pending FDA approval in the US. The companyâ€™s goal is to provide cost-effective finished pharmaceutical products globally.
NeoStem brought in another $4 million from institutional and private investors. The terms of the funding were the same as those for the companyâ€™s previous round, an $11 million private placement in April involving three Asia-based investors. Also, affiliates of Suzhou Erye Pharmaceuticals Company, Ltd. have increased their overall investment in NeoStem to over $1,000,000. NeoStem expects to acquire a 51% in Suzhou Erye by merging with a company that owns the 51% stake in Suzhou Erye.
In terms of new products, Bayer Healthcare launched its new anti-clotting drug Xarelto (rivaroxaban) in China following SFDA approval. As Liam Condon, Managing Director of Bayer HealthCare China said at last weekâ€™s ChinaBioÂ® Partnering Forum, the fact that Xarelto was approved in China before the US shows Bayerâ€™s commitment to bringing innovative drugs to China simultaneously with other major world markets. Xarelto is an oral medication, taken once daily, that was approved for the relatively narrow initial indication of preventing deep vein thrombosis in patients who undergo knee or hip replacement surgery.
Micro Imaging Technology has engaged OPH Ltd. of Hong Kong to help it find a manufacturing partner in Asia. Also, OPH will develop a market in China for the MIT 1000 Rapid Microbial Identification System through its distribution channels. MIT, a California company, uses lasers as the basis for its patented system. The MIT 1000 combines light scattering principles with proprietary software algorithms to identify microbes.
And finally, WuXi PharmaTech added another accolade to its long list of previously announced awards. The company was named one of the Top Ten Leading Outsourcing Enterprises in China, a list selected by Chinaâ€™s Ministry of Commerce. The ministry announced the composition of the list at the recent Second Annual China International Service Outsourcing Cooperation Conference, held in Nanjing. WuXi PharmaTech, a highly visible China CRO with additional operations in the US, is the only representative of the healthcare sector on the list.