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    Home > Medical News > Latest Medical News > Lilly pharmaceutical announced the sale of its antibiotic brand and Chinese manufacturing plant

    Lilly pharmaceutical announced the sale of its antibiotic brand and Chinese manufacturing plant

    • Last Update: 2019-04-23
    • Source: Internet
    • Author: User
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    April 23, 2019, Indianapolis, Indiana - Lilly Pharmaceutical (NYSE: ly) today announced that it has signed an agreement with Yiteng pharmaceutical, a Chinese pharmaceutical company, to sell its rights in mainland China to its antibiotic products, hickory ® and stable trust ® as well as its production plant in Suzhou Under the terms of the agreement, Lilly will receive a $75 million advance and a subsequent $300 million upon the successful completion of the transaction As part of this deal, all employees of the hickory ® manufacturing plant and the affected functional departments have the opportunity to continue to work for Yiteng pharmaceutical at the plant Lilly Pharma will provide support to Yiteng Pharma in the next transition period to ensure a smooth handover of business and the continuous supply of schicklaw ® drugs "Lilly China has always supported the development of local medical enterprises," said Julio gay GER, President and general manager of Lilly China We are very excited that we will deepen the cooperation with Yiteng pharmaceutical through this very transformative measure Through this transaction, we will work closely with Yiteng pharmaceutical to help it become a high-quality antibiotic manufacturer At the same time, Yiteng's continuous investment in Suzhou and mature market coverage will also help to benefit more Chinese patients " Mr Ji added: "this initiative also enables Lilly China to focus its resources and advantages on some core treatment areas, focusing on exciting new opportunities and treatments, so as to bring more innovative drugs to Chinese patients." Mr Ni Xin, CEO of Yiteng pharmaceutical, said: "schicklaw and steadfast have been on the market in China for more than 20 years, bringing good news to countless patients and gaining the favor of doctors and patients We are very proud to be able to acquire these two brands and make the classic continue We will continue to maintain a high standard of operation to bring the best quality drugs to the vast number of Chinese patients " The deal is expected to be completed in the second half of 2019 or early 2020 and currently subject to customary trading conditions and regulatory approval Until the transaction is completed, Lilly will not disclose the transaction in its annual performance report and financial guidance As a global leader in medical and health industry, Lilly is committed to repay patients with innovation and care for life Since its establishment for more than 100 years, we have always adhered to the concept of providing patients with the best quality drugs with the latest technology, which is in line with the commitment of the company's founder Colonel Lilly Today, we are still committed to this mission and carry out various work accordingly Lilly people all over the world not only devote themselves to the research and development of life-saving drugs, actively help patients better understand and manage diseases, but also give back to the society wholeheartedly through charity activities.
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