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COMPANY NEWS » TOP China Pharmas » Simcere Pharmaceutical Group back to previous page show list
Simcere Pharmaceutical Group »26/11/2007 [Company watch]
Simcere Acquires Nanjing Tung Chit

Simcere Pharmaceutical Group , a leading manufacturer and supplier of branded generic pharmaceuticals and manufacturer of the patented anti-cancer biotech product Endu in China, announced today that it has acquired 100% of Master Luck Corporation Limited, which holds 85.7% of Nanjing Tung Chit Pharmaceutical Co., Ltd. ("Tung Chit"), for a total cash consideration of RMB32.6 million (US$4.4 million). Tung Chit is a fast-growing manufacturer and supplier of anti-cancer drugs in China. Its leading product is a nedaplatin injection, trademarked as Jiebaisu, a first-to-market platinum based chemotherapeutic drug approved for the treatment of a wide range of solid tumors, including head-and-neck cancer, small cell and non-small cell lung cancer and esophageal cancer. Since its launch, Jiebaisu has been used by a number of major Chinese hospitals, specializing in cancer treatment, in many provinces across China. According to the China Hospital Drug Information, Jiebaisu's share of the nedaplatin market in China was over 80 percent in 2006. Being a new generation, broad spectrum platinum based chemotherapeutic drug, nedaplatin is expected to have significant growth potential in China.

 

Through this transaction, Simcere acquires the market leading chemotherapeutic drug Jiebaisu and enriches its anti-cancer product portfolio. In addition, it has acquired a specialized and high GMP standard chemotherapy production facility. Simcere will combine Tung Chit's anti-cancer chemotherapeutic R&D capabilities with Endu's post-launch research team to explore other potential chemotherapeutic combo-treatments as an alternative to Endu's existing combination with vinorelbine plus cisplatin. Simcere will also leverage its existing well-established Endu's marketing resources and network to increase Jiebaisu's hospital penetration, market share and sales revenue to create additional value to its shareholders.

Simcere is one of the fastest growing pharmaceutical manufacturers and suppliers in China. Acquisition is a key part of Simcere's growth strategy and has made Simcere one of the consolidation pioneers in China's pharmaceutical industry. The acquisition of the biotech anti-cancer drug Endu in September 2006 has led Simcere into the oncology therapeutic area and the acquisition of Boda Pharmaceutical in September 2007 has solidified its market leading position in stroke management. This merger and acquisition transaction, the second since listing in April this year, aligns with Simcere's growth strategy of pursuing acquisitions that expand Simcere's first-to-market pipeline and innovative drugs in oncology, neurology and anti- infectives.

''We are delighted to have Tung Chit join Simcere. As a new generation, broad spectrum and highly effective platinum based anti-cancer drug, nedaplatin has been recognized by the industry to have better efficacy but less side-effects than cisplatin and carboplatin. We believe nedaplatin has strong growth prospects in China,'' said Mr. Jinsheng Ren, Chairman, CEO and founder of Simcere Pharmaceutical Group. He added, ''This transaction enriches our anti-cancer product portfolio and strengthens our leading position in oncology so that we can better serve our patients.''


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