Chi-Med and Nestle? Health Science Joint Venture

RNS Number : 1484S

Hutchison China Meditech Limited

28 November 2012

 



Hutchison China MediTech Limited ("Chi-Med")

(AIM: HCM)

Chi-Med and Nestlé Health Science establish Joint Venture

 

'Nutrition Science Partners' intends to:

·     Research and develop a pipeline of innovative gastrointestinal botanical medicines and nutritional products through access to best-in-class Traditional Chinese Medicine library and discovery platform

·     Progress HMPL-004, the lead candidate, through Phase III trials for ulcerative colitis and Crohn's disease

London: Wednesday, 28 November 2012:  Nestlé Health Science SA, a fully-owned subsidiary of Nestlé SA, and Chi-Med, today announce that they have agreed to form a 50/50 joint venture to be named Nutrition Science Partners Limited ("NSP").

The purpose of NSP is to research, develop, manufacture and market worldwide novel medicines and nutritional products derived from botanical plant origins. NSP will focus on gastrointestinal indications ("GI"), and may in the future expand into the metabolic disease and brain health areas.  

Luis Cantarell, President and CEO of Nestlé Health Science said: "This JV provides Nestlé Health Science with an opportunity to develop and commercialise truly innovative and scientifically validated botanical based nutrition solutions for personalised healthcare in gastrointestinal health. Whilst Nestlé Health Science will bring unique competencies in nutritional sciences, diagnostics and commercial capabilities, Chi-Med will provide their best-in-class Traditional Chinese Medicine library and discovery platform, which will be the basis of NSP's future GI pipeline. The lead candidate HMPL-004 addresses key unmet GI needs for IBD patients."

Christian Hogg, CEO of Chi-Med, said: "Chi-Med has invested for many years in developing novel medicines for the global market derived from proven botanical sources.  We are today a leading company in the world in this field.  We are now joined in this important endeavour by Nestlé Health Science, and are confident that by harnessing the resources of our two groups, we will succeed in bringing a stream of novel botanical medicines and nutritional products to market and in-so-doing build significant value for patients and for our shareholders."

Nestlé Health Science will make an initial capital investment in return for its 50% shareholding in NSP; while Chi-Med will provide exclusive rights to its extensive botanical library and well-established botanical R&D platform, in the field of gastrointestinal disease.  Such botanical library contains over 1,500 purified natural products and over 50,000 extracts/fractions derived from more than 1,200 different medicinal plants.

NSP will also progress HMPL-004, a novel, oral therapy for Inflammatory Bowel Disease ("IBD") developed by Hutchison MediPharma Limited ("HMP") and derived from a botanical extract, through Phase III registration trials for ulcerative colitis and Crohn's disease.  The clinical efficacy and safety of HMPL-004 in the treatment of IBD has already been demonstrated in over 400 patients, including successful Phase IIb trials completed by HMP in North America and Europe.  The Phase III program for HMPL-004 is scheduled to start in early 2013.  It will be conducted primarily in the US and Europe and is expected, in total, to enrol over 2,700 patients suffering from ulcerative colitis and Crohn's disease.

NSP will be governed by its Board. Luis Cantarell will be the Chairman, and Christian Hogg will be both a Director and the first General Manager of NSP.

NSP will be funded primarily through the initial Nestle Health Science capital investment and further milestone payments linked to success of clinical and commercial activities.

This transaction is subject to regulatory approval.

Ends

There will be a conference call for analysts at 08:30 GMT this morning, hosted by Luis Cantarell and Christian Hogg. Dial-in details are:

UK:                  0808 109 0700   (Toll free)

International:  [phone]

Participants must specify that they are dialling in for the Chi-Med call.

Enquiries

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

Notes to Editors

1.    About Nestlé Health Science

Nestlé Health Science was formed in January 2011 to spearhead the development of science-based personalised nutritional solutions. Building on its core HealthCare Nutrition business, the company has ambitions to address chronic conditions in the area of Gastrointestinal Health, Metabolic Health and Brain Health. Nestlé Health Science offers nutritional solutions for people with specific dietary needs related to illnesses, disease states or the special challenges of different life stages. Nestlé Health Science, a wholly owned subsidiary of Nestlé SA, employs around 3,000 people worldwide and has its headquarters in Lutry, Switzerland. For more information, visit www.nestlehealthscience.com.

2.    About Chi-Med

Chi-Med is the holding company of a healthcare group based primarily in China and was listed on the Alternative Investment Market of the London Stock Exchange in May 2006 (AIM:HCM).  It is focused on researching, developing, manufacturing and selling pharmaceuticals and health oriented consumer products.  For more information, visit www.chi-med.com.

Chi-Med is majority owned by Hutchison Whampoa Limited, an international company listed on the Main Board of The Stock Exchange of Hong Kong Limited.  Hutchison Whampoa employs over 250,000 people in 53 countries.  For more information, visit www.hutchison-whampoa.com.

3.    About Hutchison MediPharma Limited (HMP)

HMP is a subsidiary of Chi-Med and a novel drug R&D entity focusing on discovering, developing and commercialising innovative therapeutics in cancer and autoimmune diseases.  With a team of around 200 scientists and staff, its pipeline comprises novel oral products for cancer and inflammation in development in North America, Europe, Australia and Greater China.  For more information, visit www.hmplglobal.com.

 

END

 

 

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