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United Biomedical, Inc. and Development Fund, Executive Yuan of the Republic of China Establish UBI-Asia as a Biopharmaceutical Joint Venture.

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Oct. 1, 1998--United Biomedical, Inc. (UBI) and the Republic of China (ROC) announced the establishment today of UBI-Asia, a joint venture between UBI and ROC aimed at accelerating the development of the ROC biopharmaceutical industry and providing UBI expanded opportunities for growth in Asia.

UBI is a privately held international biopharmaceutical company developing immunotherapeutic, vaccine, pharmaceutical, and diagnostic products for human and veterinary use.

In establishing the joint venture, UBI has granted Asian manufacturing, marketing and distribution rights of its products in development to UBI-Asia, subject to existing contractual obligations. The ROC has provided an initial investment of US$40 million to UBI-Asia, through a consortia of the following investors: Development Fund, Executive Yuan under the supervision of the ROC Ministry of Finance; the Yao Hua Glass Corporation Development Fund, under the supervision of the ROC ministry of economic affairs (MOEA); and Taiwan Sugar Corp., also under the supervision of the MOEA. UBI-Asia has utilized a portion of this initial investment to acquire from Roche a state-of-the-art pharmaceutical manufacturing plant in Taiwan, with the goal of augmenting the global manufacturing capabilities of UBI and thereby accelerating product development efforts.

UBI, founded by ROC-born Dr. Chang Yi Wang, is recognized as an international leader in the design, characterization and manufacture of peptide based products. UBI developed the first synthetic peptide based blood screening tests for human immunodeficiency (HIV) and hepatitis C (HCV) viruses, and produces and markets broad spectrum antibiotics. UBI has a major portfolio of products in development for prevention and treatment of human diseases including AIDS, allergy, and prostate cancer, and has platform technologies which have led to the development of synthetic peptide-based animal health vaccines for prevention of foot and mouth (FMDV) disease, boar taint and pet contraception (LHRH vaccine), and a somatostatin vaccine for promotion of growth in farm animals. The infusion of UBI's cutting edge technology and innovative products to UBI-Asia will facilitate the growth of ROC's biopharma industry. UBI and MOEA signed a strategic alliance on July 31, 1998, setting the stage for the establishment of UBI-Asia.

The Development Fund, Executive Yuan has been instrumental in leading the ROC into prominence in technologically driven industries, including the development of the ROC semiconductor industry during the last decade. Targeted strategic investments by the Development Fund, coupled with a business environment structured to provide ongoing support to public-private sector partnerships, enabled Fund supported companies such as Taiwan Semiconductor Manufacturing Corp. to rapidly attain international prominence in the semiconductor industry. Similarly, the Industrial Development Bureau (IDB) of MOEA through its Biotechnology Industry Promotion Program, focuses on developing the ROC into a leadership position in biotechnology research, development, manufacturing, marketing and distribution. IDB of MOEA aims to create global leadership positions for ROC supported companies in the biopharmaceutical industry, and the present investment in UBI-Asia represents the first major entry by the ROC towards achieving this goal.

"UBI is honored to establish UBI-Asia as a joint venture with the ROC, and will do its best to assist the ROC in achieving its goal of accelerating the globalization of the ROC biopharmaceutical industry. It has been only two months since the signing of the strategic alliance between UBI and the government of ROC, and we are quite pleased by the commitment and efficiency through which the ROC government has gathered a premier consortia of investors for initial investment in UBI-Asia. We look forward to a long and successful joint venture, and together we have pledged to assist the ROC in achieving its vision to become a major presence in the global biopharmaceutical industry and to achieve our goal of becoming a fully integrated biopharmaceutical company developing products which benefit Taiwan and the rest of the world," said Dr. Chang Yi Wang, President and CEO of United Biomedical, Inc.
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Publication:Business Wire
Geographic Code:9CHIN
Date:Oct 1, 1998
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