Tigermed Consulting formed a China alliance with ICON, an international CRO that, like Tigermed, specializes in clinical services (see story). According to the two companies, the alliance between Tigermed and ICON will offer their clients better access to Chinese patients, combining Tigermedâ€™s knowledge of China drug development with ICONâ€™s international experience. Our coverage includes an exclusive interview with Tigermed Vice President, Wen Chen.
MicuRx Pharmaceuticals, Inc., and Cumencor Pharmaceuticals, Inc. have formed a collaboration with Pfizer. The companies will seek to discover new drugs that treat multi-drug resistant tuberculosis (MDR-TB). Cumencor, a China-based biotech, applies MicuRx\'s proprietary technology to discover and develop novel antibiotics for MDR-TB. MicuRx, of Union City, CA and Shanghai, develops novel antibiotics to combat infections caused by resistant bacteria. MicuRx presented at the Inaugural ChinaBio Investor Forum, held in Shanghai in December 2007.
Tongjitang Chinese Medicines Company received a buy-out offer from a JV comprised of Mr. Xiaochun Wang, who is the companyâ€™s Chairman and CEO, and Fosun Industrial, the Hong Kong conglomerate. The JV has offered $1.125 per share or $4.50 per ADS, a modest 19% premium to the ADS price. It was not the first time that its Chairman has sought to return the company into a privately-held entity.
Pfizer will turn the focus of its Singapore clinical research unit toward Asia-specific diseases (see story). In part, this means the unit will emphasize diseases that are more prevalent in Asia, diseases such as specific forms of cancer. It also means that Pfizer will investigate global diseases whose etiology in Asian populations may be different than in the rest of the world. Pfizer cited diabetes as an example of the latter category.
Cord Blood America, Inc. has signed a deal licensing its umbilical cord blood technology to AXM Pharma, Inc. [NSDQPK: AXMP], a China pharma and nutraceutical company. In addition to the license, Cord Blood America will provide consulting and training. In return, it will receive a 10% equity stake in AXM Pharma\'s stem cell subsidiary and an 8.5% royalty on all cord blood revenues.
Simcere Pharmaceutical Group (NYSE: SCR) said its recent acquisition, Jiangsu Yanshen Biological Technology, committed fraud with respect to its human-use rabies vaccine before Simcere purchased its controlling interest in October 2009. As soon as Simcere found out about the problem, it urged Jiangsu Yanshenâ€™s board to cease operations and review the companyâ€™s quality control.
NeoStem reported that its China subsidiary, Suzhou Erye Pharma, was granted SFDA approval to produce cloxacillin sodium API, a generic anti-infective. Because it is included in Chinaâ€™s National Medical Reimbursement Insurance List, Cloxacillin sodium is eligible for reimbursement by the government\'s healthcare programs.
Sinovac Biotech whose flu vaccines suddenly became very profitable in the second half of last year, released its 2009 financial results this week. Revenues for the fourth quarter almost tripled, rising 194% to $36.4 million, and sales for the full year rose 81% to $84.2 million. Net income for 2009 climbed 149% to $20 million or 46 cents per share, fully diluted.