Fosun Pharma Announces Plan to Up Innovation at Home, Abroad

Fosun Pharma Announces Plan to Up Innovation at Home, Abroad

Di Ning

Date: Thu, 01/11/2018 - 17:01 / source:Yicai
Fosun Pharma Announces Plan to Up Innovation at Home, Abroad
Fosun Pharma Announces Plan to Up Innovation at Home, Abroad

(Yicai Global) Jan. 11 -- Shanghai Fosun Pharmaceutical (Group) Co. [SHA:600196] will contribute CNY102 million (USD15.6 million) to its subsidiary, Shanghai Futuo Biotech Development Co., and will join hands with Fosun International Ltd. [HK:0656] to invest USD50 million to establish a new US company.

The company revealed this in its first investment plan for this year yesterday, saying its Futuo Biotech mainly engages in domestic drug research, development and production, undertakes medical device and medical diagnosis projects, and plies other relevant businesses. Its main assets consist of 20 percent of the equity in Shanghai LinkedCare Information Technology Co., which is a medical information management software developer Fosun Tonghao backed in its A+ round of funding and Fosun Pharma in its B round, public data show.

Another Fosun Pharma investment plan targets overseas markets. A new US company will be set up with USD25.5 million from Fosun Pharma’s subsidiary Fosun Pharma USA and USD24.5 million fromFosun International. Fosun Pharma USA will hold 51 percent of equity in the new company, which will focus on overseas drug research, development and production, medical equipment and medical diagnoses and the like, Fosun Pharma said.

The two investment plans of Fosun Pharma show its development and expansion in the pharmaceutical innovation field. The capital increase will equip Futuo Biotech to carry out related businesses, especially investment in innovation projects, it said. The new US company will also focus on developing and expanding overseas businesses, especially in pharmaceutical innovation.

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Keywords: MSCI