Genovis signs distribution agreement with Chinese Beijing Zhongyuan Ltd.
Genovis has signed a distribution agreement with the Chinese company Beijing Zhongyuan Ltd. for sales in the Chinese market. The agreement covers all Genovis products.
This agreement will enable Genovis, with its growing product portfolio, to establish a foothold in one of the world’s largest and most exciting markets. Over the last five years the Chinese market for biopharmaceuticals has grown by more than 40% annually. The market includes both large Chinese companies and a number of global pharma giants that have chosen to locate both their research and development and their manufacturing in China.
“Our goal is to connect with strong new partners in the Asian market and the agreement gives us access to one of the most important Asian markets, China. Beijing Zhongyuan Ltd. is a partner that can provide expertise, a strong existing product portfolio and direct contact with customers who demand our products. This also means that Genovis has taken the first step regarding one of the operational objectives, to establish sales in the Asian markets,” says Fredrik Olsson, CEO of Genovis.
Beijing Zhongyuan has extensive experience collaborating with foreign partners for importing and distributing life science-products. It has an extensive network of biopharmaceutical customers and a sales force with substantial knowledge of both proteins and biologicals. The company, which is headquartered in Beijing, has around 200 employees. Sales totaled RMB 1.1 billion in 2016.
“The global biopharmaceuticals market is undergoing rapid development, and the Chinese market has rapidly mushroomed. By the end of 2016 the China Food and Drug Administration (CFDA) had officially approved more than 280 antibody drugs. Founded in 2000, Beijing Zhongyuan provides high-quality services to Chinese biologists. In cooperation with Genovis, we hope to promote better products and better technology to China's antibody drug development and production team,” says Jinghua Li, General Manager, Beijing Zhongyuan Ltd.
For more information, please contact: Fredrik Olsson, CEO, Genovis AB Tel: 0046 (0)46 -101233 fredrik.olsson@genovis.com
ABOUT GENOVIS
Genovis’ business concept is to apply its knowledge and imagination to design and provide innovative tools for the development of the drugs of the future. Today Genovis sells several enzyme products known as SmartEnzymes all over the world in innovative product formats that facilitate development and quality control of biological drugs.
The Group consists of Genovis AB and the wholly owned subsidiary Genovis Inc. (USA). Genovis shares are listed on Nasdaq First North Stockholm and Erik Penser Bank is the Company’s Certified Adviser. T: +46 (0)8-463 83 00.
This information is information that Genovis AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, by the contact person set out above, on September 18, 2017.
This press release is a translation of the Swedish original. In the event of any discrepancy between this translation and the Swedish original, the Swedish version shall prevail.