Today, the Kremlin saw Russian President Vladimir Putin and President of the People's Republic of China Xi Jinping witnessing the signing of a binding agreement between the shareholders of a new joint venture — BIOCAD and Shanghai Pharmaceuticals Holding.
The new legal entity will be entitled to commercialize the Russian manufacturer's developments in China. On behalf of BIOCAD, the contract was signed by the company's founder and CEO Dmitry Morozov. The Chinese party was represented by its Chairman Mr. Jun Zhou. The total capitalization of the joint venture is estimated at 2.8 billion dollars.
The new enterprise is created to carry out clinical research, marketing authorization and launch of at least 6 monoclonal antibody drug products, including biosimilars and original drugs developed in BIOCAD for the treatment of cancers and severe autoimmune diseases (chronic lymphocytic leukemia, colorectal cancer, lung cancer, breast cancer, psoriasis, ankylosing spondylitis). BIOCAD is the first Russian biotechnology company to enter the international pharma market with original monoclonal antibody products.
"We expect that today's agreement will be the foundation for the future confidence of Chinese patients, pharmaceutical business and government in the modern Russian biotech industry. In the future, our partnership with SPH will vector the development of cooperation between the two countries in the pharmaceutical industry," Dmitry Morozov said.
The agreement signed by the parties is considered as the start of a long-term collaboration concerning the Russian manufacturer's drugs with the highest potential demand in China selected by SPH and BIOCAD. Investments in clinical trials of pharmaceuticals are planned in the sum of 250 million dollars.
The development of international business activities is a key focus area of BIOCAD. The amount of export contracts concluded by the company over the past few years is approaching 1 billion dollars. High-tech medicines produced by BIOCAD are currently supplied in 21 countries.
BIOCAD is a leading Russian innovative company that integrates a world-class R&D center, cutting-edge pharmaceutical and biotech production, and an international system of preclinical and clinical studies. It is one of the few full-cycle drug manufacturing companies covering activities from molecule search to mass production and marketing support. BIOCAD's products are designed to treat some of the most complex diseases such as cancer, HIV, hepatitis, multiple sclerosis, etc. The company employs more than 2 200 people, including about 1 000 scientists and researchers.
Shanghai Pharmaceuticals Holding Co. Ltd. is an investment holding company founded in 1994, carrying out research, development, production, distribution and retailing of pharmaceuticals and medical products in the People's Republic of China. The company is a subsidiary of the state-owned Shanghai Pharmaceutical (Group) Co., Ltd. Employing 42 000 people, its activities cover about 800 INNs and 20 dosage forms. SPH runs 1 892 network pharmacies in 16 provinces of China.
Head of International Communications