3SBio acquires Zhejiang Wansheng Pharmaceutical
Deal adds integrated small molecule drug R&D and manufacturing platform
Leading China-based biotechnology company 3SBio has acquired the entire equity interest in Zhejiang Wansheng Pharmaceutical Co for an aggregate consideration of RMB528m (€777m; US$85m). Wansheng achieved turnover of RMB279.4m (€41.1m; $45.0m) and net profit after tax of RMB26.6m (€3.9m; $4.3m) for the year ended December 31, 2014.
'3SBio's proven capabilities in biologicals combined with Zhejiang Wansheng's expertise in small molecule manufacturing will provide the enlarged group with a flexible platform for addressing the unmet medical needs of patients and their healthcare professionals,' said Dr. Lou Jing, CEO and Chairman of 3SBio.
'Zhejiang Wansheng's current product portfolio includes six antidiabetic and hypertension products that are commonly used by chronic kidney disease patients, which will expand our products offering in the dialysis market in addition to our current nephrology portfolio. The acquisition also expands our portfolio of oncology drugs as Zhejiang Wansheng has six approved oncology products,' he added.
The acquisition will provide a platform for 3SBio to proceed with the clinical development of more than 12 small-molecule pipeline candidates in its core therapeutic areas. It will also provide the company with a solid base for expansion into the treatment of diabetes-related complications and dermatology.
Zhejiang Wansheng currently has 55 product approvals addressing the oncology, diabetes, cardiovascular and dermatology areas. It has 13 production lines capable of producing various drug delivery formats, including tablets, capsules, TCM granules, injections, tinctures, ointments and lotions, all recently GMP certified. Zhejiang Wansheng currently has approximately 630 employees, including a national sales force of around 300.
3SBio has more than 20 pipeline products, with 14 of them developed as innovative class 1 products in China. A new state-of-the-art mammalian biological manufacturing facility in Shenyang is the first and only rhEPO facility in China that conforms to both Chinese and European pharmacopeia standards.
