Chinese pharma firms form oncology partnership

Shanghai Yingli Pharmaceutical Co Ltd (Yingli Pharma), a small-molecule innovation drug research and development company, formed a new partnership with Jiangsu Hengrui Medicine Co Ltd (Hengrui Medicine) on Monday to accelerate the expansion of its oncology business in China, the second-largest pharmaceutical market in the world, the company said in a statement.

As part of the cooperation, the Jiangsu province-based group will invest $20 million in Yingli Pharma as an equity investment. The Shanghai company will grant Hengrui Medicine joint development rights and exclusive commercialization rights of a new medicine in China.

"The strategic collaboration with Hengrui Medicine is a milestone that will enable Yingli Pharma to further promote the commercialization of developed innovative drugs," said Xu Zusheng, Yingli co-founder.

"It also demonstrates the confidence mature industrial investors have in our product pipeline and innovation, and fully recognizes the strategic vision of Yingli Pharma to build an international biopharmaceutical company," he said.

Established in 2011, Yingli Pharma focuses on the development and commercialization of innovative small-molecule drugs for hematological tumors, solid tumors and kidney-related metabolic diseases.