Shutaishen subsidiary tends to participate in the Henlius IPO with $10 million
Shutaishen Zhejiang plans to use $10 million of its own capital to participate as a cornerstone investor in the initial public offering (IPO) of Shanghai Fenlius biotechnology co., LTD. (" Fenlius ") on the stock exchange of Hong Kong (" hkex "). Fenlius's first blockbuster product Rituximab injection (trade name "Hanlikang") was approved by the state food and drug administration, becoming the first bio-similar drug approved for market in China. The drug's annual sales are expected to reach CNY 300 million, according to Citic securities. At the same time, Fenlius also independently developed more than 20 candidate biological drugs and a variety of tumor immunotherapy.