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Shares of Buchang Pharmaceuticals rose following the announcement that it will grant Goodfellow Pharma Corporation exclusive rights to distribute its new anemia medication in the Philippines.
The company’s stock climbed as much as 4.2% during the trading session and ended the day 0.5% higher at CNY18.12 (about USD2.50) in Shanghai, reflecting confidence in its growing international presence.
The Shandong-based firm revealed yesterday that it has entered into a supply agreement with Goodfellow, a retailer based in Pasig specializing in traditional Chinese medicine, to exclusively distribute its self-developed efparepoetin alfa injection in Southeast Asia. The financial details of the deal were not disclosed to maintain confidentiality.
Efparepoetin alfa is classified as a Category-1 biological drug, which means it is approved as a new medication for the first time in China. It is designed for adult dialysis patients currently receiving erythropoietin therapy, another treatment for anemia related to chronic kidney disease. The company stated that no similar drug has yet received approval for sale in China.
Goodfellow will oversee regulatory registration, clinical testing, marketing, distribution, and sales of the medication in the Philippines, and will cover the associated application costs.
This partnership is viewed as a significant move in broadening the global reach of the company’s innovative biomedicine portfolio. Through collaborations, licensing, and licensing agreements, the goal is to speed up the commercialization of R&D efforts and enhance product value. However, market entry is dependent on regulatory approval from Philippine authorities.
As of June, a subsidiary of the company had invested approximately CNY500 million (around USD69.5 million) in developing the drug, which has successfully completed clinical trials and is awaiting approval for domestic sale.
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