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November 3, 2017

Deals this week: Xiangxue Pharmaceutical, Sumitomo Dainippon Pharma, Zhongzhi Pharmaceutical Holdings

Chinese pharmaceutical products manufacturer Xiangxue Pharmaceutical has raised CNY600m ($90.23m) through a public offering of corporate bonds.

By Rosanna Jeffery

Chinese pharmaceutical products manufacturer Xiangxue Pharmaceutical has raised CNY600m ($90.23m) through a public offering of corporate bonds.

Sumitomo Dainippon Pharma has signed an agreement with French biopharmaceutical company Poxel for the development and commercialisation of Type 2 diabetes investigational therapeutic agent, Imeglimin.

Poxel will receive an upfront payment of CNY4.75bn ($41.7m) and Sumitomo will retain the right for commercialisation of the drug in 11 South East Asian countries, including China, South Korea and Taiwan, under the agreement.

The partnership will enable the Japanese pharmaceutical company to launch an innovative new product in the fast-growing Japanese market.

“Zhongzhi Pharmaceutical Holdings has raised HK$61.2m ($7.84m) through the private placement of 40 million shares of its common stock priced at HK$1.53 ($0.2) a share.”

Zhongzhi Pharmaceutical Holdings has raised HK$61.2m ($7.84m) through the private placement of 40 million shares of its common stock priced at HK$1.53 ($0.2) a share.

The Chinese pharmaceutical company plans to use the funds to expand its distribution network and towards research and development activities.

Chinese pharmaceutical company Shandong Lukang Pharmaceutical plans to form a medical technology joint venture (JV) company based in China with a capital of CNY66.67m ($10.02m).

Shandong Lukang will invest CNY30m ($4.51m) in the JV to secure a 45% stake.

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