Deals and Financings
Amgen (NSDQ: AMGN) is planning to increase its participation in the China market, using a combination of partnerships and M&A to build a presence (see story). It expects to have its own patented drugs on the China market by 2015. At the same time, the company has announced it will establish a biosimilar capability that will produce versions of its competitors' biologic drugs. To make these drugs, Amgen is currently building a plant in Singapore, which will be completed by 2017. The company expects to generate $1 billion of revenues from biosimilars in emerging market countries.
China Shenghuo Pharmaceutical Holdings (CKUN.PK) has received a non-binding proposal to take the company private at a price of $.15 per share (see story). The stock is currently listed at $.14, a post-announcement rise of one-half cent. The offer comes from Lan's Int'l Medicine Investment Co., a company owned by the current management of Shenghuo that also owns 77.3% of Shenghuo's outstanding common stock. The transaction will not be major, because Shenghuo currently has a market capitalization of less than $3 million.
Zhejiang Shanshi Medical Device has acquired the rights to distribute continuous, non-invasive hemodynamic patient monitoring systems manufactured by Tensys Medical, a San Diego medical device maker. Over the five-year life of the contract, Shanshi expects to generate orders of up to $40 million of Tensys' latest product, the TL-300, in China, Taiwan and Hong Kong.
Trials and Approvals
OxOnc Development LLP, an oncology company headquartered in Princeton, NJ, and Pfizer (NYSE:PFE) have signed a co-development agreement to conduct a Phase III clinical trial of a Pfizer cancer drug in China, Taiwan, Japan and South Korea (see story). The drug, crizotinib (marketed as Xalkori), will be tested in patients with advanced non-small cell lung cancer who have a ROS1 (c-ros) gene rearrangement (ROS1-positive). The drug is already approved in the US, Europe, China and Japan for NSCLC patients with the ALK genetic variation.
Celgene Corporation (NSDQ: CELG) was granted approval for Revlimid (lenalidomide) by the SFDA to treat multiple myeloma (see story). The approval, which is the first for Celgene in China, includes an Import Drug License. Revlimid is indicated for use in combination with dexamethasone in patients with relapsed or refractory multiple myeloma who have received at least one prior therapy. In 2006, the drug was approved for a similar indication in the US.