HONG KONG, April 16, 2013 (GLOBE NEWSWIRE) -- Eddingpharm ("Eddingpharm" or the "Company"), a leading specialty pharmaceutical company in China, is delighted to announce that Eddingpharm and Chiesi Farmaceutici ("Chiesi Farmaceutici") entered into a joint venture agreement ("Agreement") regarding the establishment of Chiesi Edding Hong Kong Limited ("Chiesi Edding"). Pursuant to the Agreement, Chiesi Edding is controlled as to 51% by Eddingpharm and 49% by Chiesi Farmaceutici respectively. Chiesi Edding will leverage the strong and substantial marketing platform of Eddingpharm to facilitate the wide and quick commercialization of the two key products of Chiesi Farmaceutici in the respiratory therapeutic area in China.
In December 2012, according to the Agreement, Chiesi Edding entered into an exclusive distribution agreement with Chiesi Farmaceutici under which Chiesi Edding was granted the exclusive right to market and sell Foster®and CLENIL®, the two key products of Chiesi Farmaceutici in the respiratory therapeutic area in China. This exclusive distribution agreement has an initial term of 11 years. Both Foster®and CLENIL® have recently been granted Imported Drug License by China's State Food and Drug Administration.
Foster® is a fixed combination of beclomethasone dipropionate (corticosteroid) and formoterol fumarate (a long-acting β2-agonist with rapid onset of effect) approved for the treatment of asthma. The drug is available as a pMDI (pressurised metered – dose inhaler) to be taken by inhalation. With its patented Modulite® technology particles in Foster® are extrafine and this guarantees uniform distribution and high drug deposition throughout the entire bronchial tree, including the small airways. CLENIL® (beclometasone dipropionate suspension for inhalation) is approved for treatment of asthma and other inflammatory and allergic conditions. CLENIL® is formulated as sterile, preservative-free and packed in unit-dose vials for nebulization. Both Foster® and CLENIL® have been extensively evaluated in clinical trials, showing significant results in terms of efficacy and safety and are now expected to be launched in China in the middle of 2013.
Mr. Alberto Chiesi, Chairman of Chiesi Farmaceutici, said, "Through the cooperation, we can leverage the strong marketing platform of Eddingpharm to quickly realize the commercialization of Chiesi Farmaceutici's products in China and further speed up our steps to enter the China market, which is expected to play a key role in our future. The Chiesi Edding joint venture agreement is one of the pillars of the Chiesi Group global strategy, which aims at a sustainable growth based on organic and inorganic growth. "
Mr. Xin Ni, Chairman and Chief Executive Officer of Eddingpharm, said, "Since its foundation Eddingpharm has been committed to bringing quality products into China and providing more therapeutic solutions for physicians and better treatment for Chinese patients. The cooperation with Chiesi Farmaceutici is a pioneer project to market advanced international pharmaceutical products through a partnership between Chinese specialty pharmaceutical companies and leading global manufacturers, the cornerstone of Eddingpharm's long-term strategy. Abundant marketing experience in China will enable us to help Foster®and CLENIL® achieve market leadership in the respiratory therapeutic area."
"We will continue to work with international partners to diversify our product portfolios and expand product lines through patent authorization, joint ventures, strategic alliances, and exclusive distribution agreements. We will strive to explore opportunities to introduce innovative pharmaceutical products to China and to provide Chinese patients with an ever growing portfolio of therapeutic solutions."
Founded in 2001, Eddingpharm is a leading specialty pharmaceutical company in the fast growing China market, committed to actively introducing quality products into China's pharmaceutical market. Eddingpharm's main businesses include in-licensing, marketing and distributing hospital pharmaceutical products. The Company focuses on the development and promotion of pharmaceutical products in four therapeutic areas: medical nutrition, oncology, anti-infective and respiratory. Eddingpharm recently established its US affiliate and set up a product development team with R&D capabilities in Los Angeles, CA, to coordinate and communicate with leading global R&D institutions and explore opportunities for introducing innovative pharmaceutical products to China. For further information please visit www.eddingpharm.com.
About Chiesi Farmaceutici
Founded in 1935 in Parma (Italy), the Chiesi Group generated €1,107 million revenue in 2012, an increase of 4.7% compared with the previous year. The Group, whose main areas of activity are in the respiratory therapeutics and specialist medicine areas, currently has a total of 25 affiliates worldwide and is present in over 60 countries with its drugs, which are produced at plants in Parma, Blois (France) and Santana de Parnaiba (Brazil). In 2012, investment in R&D totaled €198 million, accounting for 17.8% of sales, a level that the company intends to maintain in coming years. The research center in Parma and the laboratories in Paris, Rockville (USA) and Chippenham (UK) integrate their efforts to work together on the Group's pre-clinical, clinical and registration research programs. At the end of 2012, the Chiesi Group's total staff stood at over 3,800 people, more than 440 of whom are devoted to R&D.