(Yicai Global) May 17 -- A unit of Jiuzhou Pharmaceutical Co. plans to set up a wholly owned affiliate in Denmark to develop the Chinese drugmaker's business collaboration and talent hiring in Europe, helping it improve brand awareness and boost profits.
Ruibo Pharmaceutical Co. will invest CNY32 million (USD5 million) of its own capital to tap Europe's location, policies and innovations in drug development, the Zhejiang-based company said in a press release yesterday.
Jiuzhou mainly produces pharmaceutical raw materials for anti-viral, cancer and cardiovascular drugs and partners with many international firms including Swiss drug giant Novartis International AG as well as Gilead Sciences Inc. and Zoetis Inc. of the US.
Overseas markets contributed more than 70 percent of the company's revenue in 2016.
Editors: Emmi Laine, William Clegg