Chi-Med and Sinopharm Deal Approved

RNS Number : 0531F

Hutchison China Meditech Limited

17 April 2014

 



Hutchison China MediTech Limited ("Chi-Med")

(AIM: HCM)

Chi-Med and Sinopharm complete regulatory approval for the establishment of new China drug distribution and marketing Joint Venture

London: Thursday, 17 April 2014: Following the announcement on Wednesday, 18 December 2013, Chi-Med today announces that Chi-Med and Sinopharm Group Co. Ltd. ("Sinopharm") (SEHK:1099) have received regulatory approval for the establishment of their new joint venture, Hutchison Whampoa Sinopharm Pharmaceuticals (Shanghai) Company Limited ("Hutchison Sinopharm") (formerly known as Sinopharm Holding HuYong Pharmaceutical (Shanghai) Co., Ltd.).  Hutchison Sinopharm, which formally commences operations on 25 April 2014, is 51% held by Chi-Med and will be consolidated as a Chi-Med subsidiary and reported under its China Healthcare Division.

Sinopharm is the largest distributor of pharmaceutical and healthcare products and a leading value added supply chain service provider in China.  The purpose of Hutchison Sinopharm is to provide sales, distribution, and marketing services to major domestic and multi-national third party pharmaceutical manufacturers. It will also provide a broadened sales and marketing platform for synergy across Chi-Med group.

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Enquiries

Chi-Med Christian Hogg, CEO	Telephone:      [phone]
Panmure Gordon (UK) Limited	Telephone:      [phone]
Richard Gray Andrew Potts
Citigate Dewe Rogerson Anthony Carlisle David Dible	Telephone:      [phone] Mobile:             [phone] Mobile:             [phone]

About Chi-Med

Chi-Med is a China-based healthcare group focused on researching, developing, manufacturing and selling pharmaceuticals and health-related consumer products.  Its China Healthcare Division manufactures, markets and distributes prescription and over-the-counter pharmaceuticals in China.  Its Drug R&D Division focuses on discovering and developing innovative therapeutics in oncology and autoimmune diseases.  Its emerging Consumer Products Division focuses on organic and natural consumer products in Asia.

Chi-Med (LSE: HCM) is majority owned by the multinational conglomerate Hutchison Whampoa Limited (SEHK: 13).  For more information, please visit: www.chi-med.com.

 

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