Asymchem Cofounds Innovative Drug Fund

Saturday, May 5, 2018 Drug News
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Fund aims to increase the development of innovative medicines in China

TIANJIN, China, May 4, 2018 /PRNewswire/ -- Asymchem Laboratories (Tianjin) Co., Ltd.

(SHE: 002821, "Asymchem") today announced that it has cofounded the Innovative Drug Fund ("IDF") together with SDIC Fund Management Company Ltd. ("SDIC"), the Tianjin Haihe Industry Fund Management Co., Ltd. ("THI"), and the Tianjin Economic Development Area Administrative Commission ("TEDA"), in a significant joint effort to support the development of innovative drugs into China in accordance with the Chinese Government's Healthy China 2030 Planning Outline.

The Innovative Drug Fund ("IDF") serves as a fully integrated support platform for the introduction of new drugs from overseas to help drive China's pharmaceutical industry. The IDF partners with western biotech companies via multiple collaboration models (in-licensing or joint venture), and leverages the CMC, R&D, and manufacturing services of Asymchem. Coupled with the additional preclinical and clinical services support of a partner network, together with support from the national and local governments (TEDA, THI), new companies around biopharma assets are formed with the goal of advancing the speed with which to launch new drugs into China.

Dr. Hong, Chairman and CEO of Asymchem Group, and a key advisor to China's Thousand Talents Program, said: "With the creation of so many talents coming together to form the IDF, we are very excited to come one step closer to accelerating the availability of innovative treatments to patients in China."

Asymchem will host its First Asymchem Global Pharma & Biotech Symposium in Boston MA on Friday May 4th from 1:30-7pm at the Cyclorama, Boston Center of the Arts. Discussions and explanations will circle around Market, Regulation, Science, Investment and Solutions on entering the 2nd largest pharma market in world.

About Asymchem:Asymchem is a global CMC CDMO with USFDA inspected facilities in the P. R. China. Core capabilities include process development and commercial manufacturing of late phase to launched products and applying innovative technologies as a sustainable means to reducing cost and meet increasing environmental restrictions. From initial development of a synthetic chemical process through to manufacturing, Asymchem's proven team of experienced process and engineering teams extends upon a >20 years track record. Founded in 1995 and is headquartered in Tianjin, P. R. China with 2,370 employees to date.

About the Tianjin Economic Development Area (TEDA):TEDA was created in late 1984 as one of the first batch of national level development areas approved by the State Council of the P.R. China. TEDA has since rapidly developed into one of China's key technological development areas with significant industry investments.

About SDIC Healthcare Fund:Established in 2009, the SDIC Healthcare Fund developed into one of the largest professional private equity management institutions in China, operating independently in accordance with the requirements of the market. The Fund directly or indirectly managed assets in excess of 60 billion RMB, from financial institutions to social security funds, state-owned and private investment.

About the Tianjin Haihe Industry Fund:The Tianjin Haihe Industry Fund, a China government guidance fund, was established by Tianjin Municipal Committee of the CPC and Tianjin Municipal People's Government. It aims to promote Tianjin city as a global R&D base in the coordinated development of the Beijing-Tianjin-Hebei area, in partnership with CITIC Group, Tsinghua Unigroup, Haier, Hony Capital, China Oceanwide Holdings Group, Tasly and other major industrial capitals, investment organizations, and shareholders of state-owned enterprises. Set up with diversified ownership, it's goal is as a solely entrusted management organization to guide the operation, management and marketization of guidance funds.

Cision View original content:http://www.prnewswire.com/news-releases/asymchem-cofounds-innovative-drug-fund-300643112.html

SOURCE Asymchem Laboratories, Inc.



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