MediGene Continues the Global Licensure of Veregen(R) through Agreements with GC Rise in China and JS Bio Pharm in South Korea
PAREXEL International Strengthens Leading Presence in the Asia/Pacific Region With Two New Locations in China
Beijing Yu Sheng Tang Pharmaceutical Group signed a memorandum of understanding to purchase 70% of Nihon Seiyaku Kogyo, a Japanese herbal drug company, for $7.6 million (see story). Both companies produce TCM-based flu drugs. Yu Sheng Tang Pharma, based in Hong Kong, manufactures a prescription TCM called Jinhua Qinggan that treats flu including H1N1, which it distributes in China.
Lilly has contributed to Zhejiang BetaPharmaâ€™s latest fund raising. After the private placement, the two sides will co-develop drug candidates in oncology, cardiovascular diseases and diabetes. Zhejiang BetaPharmaâ€™s leading candidate is Conmanna, an EGFR tyrosine kinase inhibitor, intended to target cancer.
Johnson & Johnson Pharmaceutical Research Group and Tianjin Medical University Cancer Hospital joined forces to build a Joint R&D Centre in Oncology, which will be housed at the Tianjin Cancer Hospital. J&J had previously formed a cancer biomarker R&D project with Tianjin Cancer Hospital.
Genzyme Corporation established a strategic partnership with Tianjin International Joint Academy of Biotechnology and Medicine. The partnership will work toward bringing Genzyme products, many of which treat rare diseases, to China. TJAB, which opened in June 2009, received an investment of 1.1 billion RMB ($162 million) from the Tianjin Binhai New Area to install specialised apparatus and devices.
Boehringer Ingelheim Vetmedica GmbH (Boehringer) will follow a two-pronged approach to Chinaâ€™s market. It will seek to expand its prescription drug business by introducing more of its global products in China, while it uses M&A to increase its presence in the OTC sector. These transactions, expected to occur over the next three to five years, will include TCM-based companies.
Roche Diagnostics has been experiencing annual revenue increases of close to 50% per year, and the company expects the large increases to continue, driven by the PRCâ€™s investment into healthcare. Roche Diagnostics thinks China will soon become its fifth largest market, up from eighth last year. Roche Diagnostics is the biggest seller of in vitro diagnostic tests in China. A full 80% of Roche IVD products are available in China, and Roche is working on registering many of the remaining products.
WuXi PharmaTech reported Q1 revenues rose 36% to $80.6 million, helped by a very large increase in its contract manufacturing division, which grew 433% to $13.6 million. In WuXiâ€™s core Lab Services business, revenues were up 18%. GAAP net income climbed 32% to $15.5 million or 21 cents per share. The company showed some optimism about the rest of the year, expecting full-year 2010 revenues to be at the high end of its previous $310-$320 million forecast.
Mindray Medical, the medical equipment maker, reported Q1 revenues rose a modest 9% to $145.8 million while net income was $36.2 million ($40.1 million, non-GAAP). Interestingly, sales for from China were flat, though international revenues climbed 17%. Mindray said international revenues from emerging markets were exceptionally strong, though it did not provide specific numbers. Following the announcement, Mindrayâ€™s share price dropped $4.07 to $30.93, a 12% fall.
Medpace Reference Laboratories LLC, a CRO offering central lab services based in Cincinnati, Ohio, reported that its new laboratories in Beijing and Mumbai have been accredited by the College of American Pathologists (CAP), NGSP Level 1 and CDC Lipid Standardisation (LSP) Part III . Medpace provides Phase I-IV core development services for drug, biologic and device programs.
Skystar Bio-Pharmaceutical (CGPN) Commences Testing on Two Additional New Product Dosage Forms to Further Expand the Company\'s Product Lines