BEIJING (dpa-AFX) - China Biologic Products Holdings Inc. (CBPO) said Monday that it disagreed with the notice delivered by Xinjiang Deyuan Bioengineering Co., Ltd. to the company, which attempts to terminate the cooperation between them. China Biologic will continue to take all necessary legal measures to vigorously protect its rights.
China Biologic urged Xinjiang Deyuan to cure its breaches and continue to perform its obligations under its cooperation agreement with the company.
In addition, the company said that, through the lawsuits it previously filed against Xinjiang Deyuan, it is seeking monetary claims totaling over RMB 460 million and has obtained judicial freezing of certain shares of Xinjiang Deyuan and certain of its plasma collection stations.
China Biologic said it has learned from a public announcement issued on June 24, 2020 by Southern Shuanglin Bio-Pharmacy Co., Ltd., that, following Shuanglin's announcement on May 15, of its entry into the cooperation framework agreement regarding expansion of plasma collection stations with Xinjiang Deyuan and Xinjiang Deyuan's entrustment of five plasma collection stations to Shuanglin, Shuanglin and Xinjiang Deyuan are contemplating entering into a plasma supply cooperation agreement, pursuant to which the five entrusted plasma collection stations will supply source plasma to Shuanglin exclusively in the next five years.
China Biologic said that Xinjiang Deyuan has the obligation to supply to the company's subsidiary Guizhou Taibang no less than 500 tonnes of source plasma over a three year period from August 2018 to August 2021 and as of the date hereof, Xinjiang Deyuan has not fully discharged its plasma supply obligations, with approximately 192 tonnes of source plasma remaining to be supplied to Guizhou Taibang.
In addition, as part of the Cooperation Agreement, Guizhou Taibang lent to Xinjiang Deyuan a loan with a principal amount of RMB300 million , and the outstanding principal amount of the Loan is about RMB248 million and the overdue interest amounts to about RMB14 million.
On June 24, 2020, China Biolog received a notice from Xinjiang Deyuan attempting to terminate the Cooperation Agreement. Xinjiang Deyuan's unilateral notice of termination contradicts the facts and violates the Cooperation Agreement.
Guizhou Taibang has previously filed two lawsuits against Xinjiang Deyuan in the Beijing Third Intermediate People's Court and the Beijing Chaoyang People's Court, respectively, to demand Xinjiang Deyuan to repay all of the principal amount and interests under the Loan, to further perform its obligations under the Cooperation Agreement, to pay related penalties, and to compensate all the losses of Guizhou Taibang due to Xinjiang Deyuan's breach of the Cooperation Agreement, among other claims.
Copyright RTT News/dpa-AFX
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