The two parties will expand cooperation in product development, production, distribution, and various aspects and fields directly related to distribution.
China Resources Pharmaceutical (3320:HK) announced that its subsidiary, China Resources Double-Crane Pharmaceutical (600062:SH), recently signed a 10-year strategic cooperation agreement on commissioned processing and production of azvudine tablets with Henan Genuine Biotech (Chinese: 真实生物).
Azvudine, a new class 1 anti-AIDS drug independently developed by Genuine Biotech, has been approved for marketing. Genuine Biotech owns the ownership of azvudine tablets and has applied for and obtained the drug registration certificate of the drug. The company is the holder of the marketing license, and has the right to produce, release and sell this drug.
According to the commissioned processing framework agreement, Genuine Biotech will provide CR Double-Crane with technical information such as the registered prescription, production process and quality standards of azvudine tablets, as well as documents required for production and quality control. Genuine Biotech will also guide and inspect the whole process the production of azvudine tablets, decide the rejection and release of the final product, and is responsible for adverse drug reactions after its marketing.
CR Double-Crane disclosed that it has won a nod for processing azvudine tablets from the Beijing Municipal Drug Administration.
Founded in 1939, China Resources Double-Crane became a subsidiary of China Resources Group, a Fortune 500 company in 2010. Its main business covers new drug R&D, preparation production, drug sales, pharmaceutical equipment and API (active pharmaceutical ingredients) production.
“This cooperation will help enhance the company's business development space and meet the company's future development needs,” said CR Double-Crane.
Stimulated by the news, CR Double-Crane rose by the daily 10.01% limit to CNY 33.18 apiece Tuesday on Shanghai Stock Exchange, with a market value of CNY 34.615 billion.