China Grand Pharmaceutical and Healthcare Holdings Limited (“China Grand Pharma”) (HK:512) have taken a cornerstone equity position and entered into a strategic licensing agreement with Telix Pharmaceuticals Ltd (“Telix”) (ASX:TLX). The agreement is for China Grand Pharma to take Telix’s clinical stage products into Taiwan, Hong Kong, Macau and Mainland China.
Telix is a nuclear medicine company listed on the ASX with a market capitalisation of $720 million and has a pipeline of diagnostic and therapeutic products targeting prostate, renal (kidney) and glioblastoma (brain) cancer.
China Grand Pharma’s strategy is to become the foremost nuclear medicine company in the Greater China Region. To this end, it has been building up a portfolio of products and technologies and the Telix deal strengthens China Grand Pharma’s position in the nuclear medicine sector in the region.
Two years ago, China Grand Pharma teamed with the PE firm, CDH Investments, to acquire Sirtex for $1.9 billion, beating US company Varian Medical Systems’ bid of $1.6 billion.
David Williams, Managing Director of Kidder Williams, said “China Grand Pharma is opening new markets to some of Australia’s best technology and supporting Australian research with capital and clinical evidence”.
China Grand Pharma was advised by Kidder Williams.