Specialty pharmaceutical company iX Biopharma has entered into a strategic cooperation framework agreement with China Resources Pharmaceutical Commercial Group Co (CRPCG) to collaborate on the sale and distribution of iX Biopharma products in China.

Under the agreement, the parties will determine the products and model of cooperation, which may be via licensing or joint venture. CRPCG will undertake the full scope of operations in China including registration, manufacturing, distribution, and promotion.

CRPCG is part of the China Resources Pharmaceutical Group, which is the second largest pharmaceutical manufacturer and one of the three largest pharmaceutical distributors by revenue in China.

In a news release dated April 6, iX Biopharma states that the agreement allows CRPCG to access iX Biopharma’s pipeline of products formulated using its patented drug delivery platform technology WaferiX. 

SEE: iX Biopharma remains a 'buy' from PhillipCapital despite $2.8 million net loss in 1H21

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Eva Tan, chief commercial officer iX Biopharma, says that the tremendous growth of the Chinese pharmaceutical and healthcare industry is spurring intense competition amongst Chinese companies to invest in, and bring to market, differentiated products with superior clinical benefit.

“We are delighted that China Resources Pharmaceutical Group recognises the enormous potential that our drugs and nutraceuticals have in the China market, and we look forward to tapping on their deep experience and market-leading distribution network to access the China market,” she says.

Meanwhile, CRPCG commented that it is willing to support the market entry and launch of iX Biopharma’s products developed using WaferiX with “extensive infrastructure and comprehensive capabilities covering product registration to commercialisation.”

Shares in iX Biopharma closed down 0.5 cents or 2.17% lower at 22.5 cents on April 5.