Shanghai Pharma (SHA: 601607) - Shanghai Pharma Officially Signs an Agreement with BIOCAD, strengthening China-Russia Cooperation -- 6/6/2019.
At the 70th anniversary of diplomatic relations between Russia and China, President Xi Jinping paid a state visit to Russia from June 5 to June 7 2019 at the invitation of Russian President Vladimir Putin, and attended the 23rd St Petersburg International Economic Forum. This is the first state visit to Russia by President Xi Jinping after his re-election as president, marking a milestone in the development of the relations between the two countries.
On June 5, witnessed by President Xi Jinping and Russian President Putin, Mr. Zhou Jun, Chairman of Shanghai Pharma, signed a shareholder agreement with Mr. Morozov, founder and CEO of BIOCAD, under which SPH PROJECT BIOCAD Limited, a wholly-owned subsidiary of Shanghai Pharma, shall contribute USD30.06mm to establish SPH-BIOCAD (HK) Limited with BIOCAD Holding Hong Kong Limited, accounting for 50.1% of equity interest in the joint venture.
Upon establishment of the joint venture, both shareholders will contribute macromolecular biopharmaceutic innovative drugs, biosimilars and cash to the joint venture, which is established to seize opportunities, improve shortcomings, and accelerate product upgrades using big data-driven precision medicine featuring bio-antibody, gene therapy and immune cell therapy. Another objective is to achieve production technology transfer of high and new technologies by transferring the entire set of Russian production technologies to China for localized production.
In recent years, SPH has continued to ramp up R&D investments to develop extensively in the field of macromolecular biopharmaceuticals and achieve both endogenous development and external expansion. To this end, SPH has launched a R&D center in San Diego to cooperate on and equity invest equity in biopharmaceuticals; set up Shanghai Pharma Biological Therapeutic Center in Shanghai and Hong Kong for the treatment of solid tumor CAR-T; relaunched China's only oncolytic virus Oncorine to explore and promote its value in combination with PD-1; and commenced the construction of a modern ADC pilot test and production base in Benxi, Liaoning. This investment marks another major milestone in Shanghai Pharma's development in the areas of frontier biopharmaceutic innovative drugs and biosimilars. The Company will continue to strive for international cooperation to drive its development and innovation.
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|Title Annotation:||Media Releases|
|Date:||Aug 12, 2019|
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