Jan. 11, 2012 -
China Nuokang Bio-Pharmaceutical Inc. (Nasdaq:NKBP) ("Nuokang" or the "Company"), a fully integrated, China-based biopharmaceutical company focused on the research, development, manufacture, marketing and sales of hospital-based medical products, announced that it has acquired from
Shandong Qidu Pharmaceutical Co., Ltd. ("Qidu Pharma") for a cash consideration of RMB18 million the manufacturing license and marketing rights for Alpha Lipoic Acid Capsule ("ALA"), also known as Thioctic Acid, an antioxidant product that addresses diabetic neuropathy. Upon the transfer of the manufacturing license from Qidu Pharma, the Company will be one of the two pharmaceutical companies in China licensed to manufacture ALA. ALA will be in the new drug monitoring period through October 2014, during which period there will be no additional market entrants due to current Chinese government regulations.
The Company expects to begin manufacturing ALA in its production facilities in Penglai, China in 2014 when the transfer of the ALA manufacturing license is expected to be completed. Until that time, Qidu Pharma has agreed to fulfill the full production needs for ALA for the Company on a contractual basis at a pre-determined, fixed price. The Company has begun to actively participate in provincial tendering processes for the drug and expects to begin recognizing meaningful revenues from it in the second half of 2012...
China Nuokang Bio-Pharmaceutical's Press Release -
