COCKTAIL TIME:Executives told a news conference in Taipei that it is forecasting profits of US$20 million for its 49 percent stake before the second half of next year
Date: Nov 01, 2016
By: Ted Chen / Staff reporter
A day after announcing an agreement with a Chinese firm to develop and commercialize a new drug cocktail treatment for chronic hepatitis C, TaiGen Biopharmaceuticals Holdings Ltd (太景醫藥研發控股) provided more details of the link-up.
TaiGen and YiChang HEC ChangJiang Pharmaceutical Co Ltd (HEC, 宜昌東陽光長江藥業) have agreed to establish a joint venture to produce a treatment cocktail of two oral direct-acting antiviral agents (DAA) — TaiGen’s furaprevir (TG-2349), a NS3/4A protease inhibitor, and HEC’s yimitasvir (DAG-181), a NS 5 protein inhibitor.
The joint venture is to be established before the end of this year with capitalization of 680 million yuan (US$102 million), of which 348.4 million yuan would be provided by HEC in cash in exchange for a 51 percent stake.
TaiGen will receive a 49 percent stake for its licensing rights to TG-2349, which is appraised at about US$50 million, company officials said yesterday at a news conference in Taipei. [FULL STORY]