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Hutchison China MediTech Ltd form China drug distribution and marketing joint venture with Sinopharm Group Co Ltd

Wednesday, 18 Dec 2013 04:02am EST 

Hutchison China MediTech Ltd:Says it established a new joint venture with Sinopharm Group Co Ltd (Sinopharm).Says the joint venture will provide distribution and marketing services to both related and third party pharmaceutical companies in China.Says Chi-Med will, through a wholly-owned subsidiary, invest about $9.8 mln in cash into Sinopharm Holding HuYong Pharmaceutical (Shanghai) Co Ltd (Huyong) for the subscription of 51 pct of the equity in the enlarged share capital of Huyong.Says following the transaction, Huyong will be consolidated as a Chi-Med subsidiary.Says the Chi-Med investment will be deployed for expanding future commercial activities, particularly in the area of third party drug sales and marketing.Says Sinopharm will hold the balance of 49 pct of the equity in Huyong.Says Huyong is a Good Supply Practice (GSP) certified pharmaceutical and health care distribution and marketing company that was originally established in 1993 and subsequently acquired by Sinopharm in 2010.Says Huyong will be renamed as Hutchison Whampoa Sinopharm Pharmaceuticals (Shanghai) Company Limited.Says Hutchison Sinopharm will provide a platform for synergy across the China Health care Division of Chi-Med by utilizing the services of the about 2,800-person prescription drug and over-the-counter drug sales teams of SHPL and HBYS. 

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