One of China's Largest Pharmaceutical Companies to Commercia lize SemBioSys' Plant-Based Manufacturing Technology in Global Joint Venture
CALGARY, Oct. 11, 2011 /PRNewswire/ - SemBioSys Genetics Inc. (TSX:SBS), today announced that it has signed a product and platform development collaboration agreement (the "Agreement") with Tasly Pharmaceuticals, Ltd ("Tasly") of Tianjin China and its wholly owned subsidiary Tasly U.S. Upon receiving government approval, a new Company based in China called Tasly-SemBioSys Pharmaceuticals, Ltd., will be incorporated in Tianjin, China, the third largest city in China. This Agreement is the most comprehensive partnering commercialization endeavor in SemBioSys' history.
SemBioSys is a biotechnology company that utilizes its renewable, patented plant seed oil body and protein expression technology platforms to develop and make high value proteins and oils and drug candidates for health and wellness products.
Tasly is one of China's largest pharmaceutical companies and is China's second largest producer of traditional Chinese medicines ("TCM"), which are derived from plants. Its lead drug, Tasly Cardiotonic pill, is the number one selling TCM in China and has held that position for the last seven years. In 2010, Tasly recorded revenues of 4.65 billion RMB with a ten year compounded growth rate of 21%. Tasly also has significant operations in the United States, Africa, South East Asia and the UK with its partner. Beijing International Group, an affiliate of Integrin Partners, acted as strategic advisor to Tasly on the transaction.The new Company will be structured as a Sino-Foreign Equity Joint Venture (the "Joint Venture"), and will develop and commercialize a variety of products including pharmaceutical, functional foods and nutraceuticals for China and the world. Development work on the first products will begin immediately. "Tasly brings a rich practice of developing and modernizing China's highest quality and best selling TCMs, which makes them an ideal business partner to globally develop our plant-based protein, high value oils and drug manufacturing technology," said James Szarko, President and CEO of SemBioSys. "Our mutual respect and understanding of one another's uniquely suited capabilities, provides us with the potential to have a dramatic impact on the Chinese and global market by delivering a number of high quality products with extremely competitive positioning within these markets." SemBioSys will be entititled to 30% ownership and profit sharing of the Joint Venture's profits for contributing global rights to develop and manufacture its plant made insulin and insulin analogues (excluding select territories in which SemBioSys is already engaged in active development discussions), as well as licensing rights to research and development activities of additional products for the pharmaceutical and healthy living markets.