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The Week in Review: New IPO in China
publication date: Sep 4, 2010
author/source: Richard Daverman, PhD
Chongqing Zhifei Biological Products, which focuses on vaccines and biological products, plans to issue 40 million shares in an IPO on Shenzhen’s GEM exchange (see story). The company hopes to raise 625 million RMB ($92 million), implying a price of 15.625 RMB per share. The final price and initial trading date will be set later.
Chindex International (NSDQ: CHDX) said Fosun Pharmaceutical (SHEX: 600196) has purchased 933,022 of its shares at $15 per share (see story). The investment is part of a previously announced transaction that will establish a medical device JV between the two companies. Chindex is spinning off its medical device manufacturing and distribution business into the JV, which will be owned 51% by Fosun.
BGI, known as the Beijing Genomics Center until 2008, has signed a formal collaboration agreement with the University of Copenhagen (see story). The two entities will study the genetic causes of diseases such as type 2 diabetes, obesity, and cancer. The new agreement gives official standing to a cooperative relationship that has existed for several years.
Golden Helix of the US has signed up CloudScientific, a China life sciences software company, to distribute its analytic services and proprietary software in China (see story). The software, the SNP & Variation Suite (SVS), offers several modules to facilitate SNP, copy number, and genome-wide association analyses.
Roche Holding AG (VX: ROG) is planning to make “massive” job cuts soon, according to newspaper reports, involving “more than several hundreds” of employees around the world including positions in sales, R&D, production and administration (see story). The reduction in employee counts comes at the same time Roche is expanding in China.
WuXi PharmaTech (NYSE: WX) received ISO 14001 certification for its manufacturing subsidiary, Shanghai SynTheAll Pharmaceuticals Co. Ltd. (STA) (see story). The award certifies that STA adheres to the highest standards of environmental practice in matters such as wastewater management, air emissions, and organic waste disposal.
Wise Sky (Hong Kong) Limited formally said it was “disappointed” by the decision of Emergent BioSolutions (NYSE: EBS) to forego marketing its anthrax vaccine, BioThrax®, in China (see story). In June 2009, the two companies signed an exclusive marketing agreement for China, enlisting Wise Sky to seek government contracts and conduct other product promotions for the vaccine.
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