November 14, 2008
China Sky One Medical Wins Production Rights for Nine New Drugs
China Sky One Medical, a provider of over-the-counter drugs, has obtained the rights to nine new drugs under an agreement its subsidiary, Peng Lai Jin Chuang Company Pharmaceutical Company, signed with Shandong Medicine R&D Institute.
Under the terms of the agreement, China Sky One obtained all rights to nine new drugs in consideration for a cash payment of RMB15 million.
The nine new drugs have passed all clinical trials required by the State Food and Drug Administration (SFDA) in China, and have also been approved by the SFDA for production and sale.
Yan-Qing Liu, chairman, CEO and president of China Sky One Medical, said: "We are very excited about these nine new drugs, which complement our product portfolio nicely.
"We estimate that revenue from them will reach $5 million in 2009. As part of our strategy, we will continue to look for opportunities to add suitable pharmaceuticals to our portfolio to enhance and expand our product line."