Full Press Release Details
Notification of Conclusion of License Agreement by Gyre Pharmaceuticals Co.
GNI Group ("the Company") is pleased to announce that Gyre Pharmaceuticals Co. Ltd., aka Beijing Continent Pharmaceuticals Co., Ltd. ("BC"), a
consolidated subsidiary of the Company, has executed a comprehensive agreement with Jiangsu Wangao Pharmaceuticals Co., Ltd. to acquire the rights to generic Nintedanib, a competing drug for ETUARY .
ETUARY , which is manufactured and marketed by BC, has been growing at a high rate in the past, with sales growing 15-20% annually. In addition,
according to Frost & Sullivan data, the idiopathic pulmonary fibrosis ("IPF") drug market in the PRC is expected to reach approximately \22.4 billion by 2022 and \127.4 billion by 2031. In the case of overall pulmonary fibrosis drug market, it is
expected to be several times larger than the IPF drug market. Although we have been increasing production and expanding the sales network, we have not been able to fully respond to the rapid growth of the market. Currently, ETUARY is approved only
for the treatment of IPF among fibrosis, and its Phase 3 trial is ongoing for pulmonary fibrosis associated with other factors. With the conclusion of this agreement, we will
acquire a new product lineup that acts on IPF and other similar diseases and will further enhance our leading position in fibrosis.
IPF is recognized as a rare disease. Therapeutic drugs for rare diseases have stable drug prices, and with this license purchase, if not incorporated
into the centralized purchasing system, we expect annual sales of over \4 billion. ETUARY is not included in the centralized purchasing system.
We will continue to enhance pipelines for rare disease treatments to offer more options and benefits to patients.
| (1) | Name | Jiangsu Wangao Pharmaceutical Co., Ltd. | |||
| (2) | Adress | No. 688 Dinghai Road, Haimen Economic and Technological Development Zone, Nantong, Jiangsu Province | |||
| (3) | Title and name of the representative | Junhua Yao | |||
| (4) | Business | Research, development and manufacture of pharmaceutical products | |||
| (5) | Capital stock | Not available due to confidentiality agreement |
| (6) | Date of Establishment | 2003 | |||||
| (7) | Major Shareholders and Shareholding Ratio | Not available due to confidentiality agreement | |||||
| (8) | The relationship between the counterparty and the Company | Capital relationships | Not applicable. | ||||
| Human resource relationships | Not applicable. | ||||||
| Business relationships | Not applicable. | ||||||
| Related Party Status | Not applicable. | ||||||
| (9) | The operating results and financial positions of the counterparty in the last 3 years | Not available due to confidentiality agreement |
| (1) | Date of BOD resolution | May 7, 2024 | |||
| (2) | Date of conclusion | May 7, 2024 | |||
| (3) | Date of commencement of sales | To be determined upon consultation between the parties |
We are currently examining the impact on this fiscal year's performance and will report the results as soon as they are known.