SHENZHEN, CHINA, Jan. 02, 2024 (GLOBE NEWSWIRE) -- On 29 December, 2023, PharmaGend Global Medical Services Pte. Ltd. ("PharmaGend"), jointly invested by China Medical System Holdings Limited ("CMS"), through its wholly-owned subsidiary CMS MEDICAL VENTURE PTE. LTD., and its non-wholly owned subsidiary Rxilient Health Pte. Ltd., with Pharmaron (Hong Kong) International Limited ("Pharmaron") * and Healthy Goal Limited ("Legend Fund"), has entered into a lease agreement for the building and property located in Tuas, Singapore and completed the purchase of certain production machines and equipment from Strides Pharma Global Pte. Ltd. ( defined as "Singapore manufacturing plant ").
Based on over 30 years of global investment and acquisition experience and proven commercialization capabilities, CMS actively implements an internationalization strategy starting from Southeast Asia with the mindset of openness and collaboration. The acquisition of Singapore manufacturing plant will be able to optimize the layout of the CMS's overseas supply chain and production capacity, ensure the safety of the international supply chain and improve supply stability. In addition, it will help CMS to carry out product cooperation with global partners in the future and promote more cooperation opportunities.
The Singapore manufacturing plant has advanced manufacturing machines, equipment and first-class infrastructure. It had been approved by Health Sciences Authority of Singapore (HSA), U.S. Food and Drug Administration (FDA) and Therapeutic Goods Administration of Australia (TGA). It will serve as the plant and site for PharmaGend to carry out pharmaceutical formulation, finishing, and packaging business, accelerating the formulation Contract Development and Manufacturing Organization (formulation CDMO) business development in Singapore. These progresses will promote the globalization, high-quality, and sustainable healthy development of cooperative parties, and are expected to improve the accessibility of high-quality drugs with unmet clinical needs in emerging markets.
Additionally, CMS is gradually building up a systematic platform in Southeast Asia integrating product introduction, development, manufacture, formulation CDMO, marketing and promotion. The smooth progress of the formulation CDMO cooperation is of great significance to CMS in accelerating its business development in Southeast Asia. Relying on Singapore's advantages in location, policy and talents, CMS will fully synergize with Pharmaron's rich global R&D and international CDMO operation capabilities and experience as well as Legend Fund's capital market influence, to efficiently promote the clinical development and commercialization of innovative products. It is expected to help global pharmaceutical companies to quickly enter the Southeast Asian market, while empowering Chinese pharmaceutical companies to achieve more efficient and high-quality international development, building a medical innovation ecosystem that is mutually beneficial.
CMS Stated: Pharmaron is an internationally leading service provider for new drug development and production, providing high-quality services to global companies and helping to reduce costs and increase efficiency of R&D in the pharmaceutical industry. Legend Fund has strong capital market influence and rich healthcare industry resources. This cooperation maximizes advantage of each party, and we will leverage Singapore's favorable geographical and market environment, jointly promote the development and production of high-quality pharmaceutical products, introduce global novel and quality drugs that meet clinical needs to Southeast Asian patients, safeguarding patients' quality of life.
*PharmaGend is 33.8% owned by CMS's wholly-owned subsidiary, and 11.2% owned by Rxilient Health, 35% owned by Pharmaron, and 20% owned by Legend Fund.
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Source: China Medical System Holdings Ltd.
