China Grand Pharmaceutical and Healthcare Holdings Ltd (HKG: 0512; CGP) announced that its subsidiaries, Beijing Purevalley Biotechnology Co., Ltd and Chengdu Purevalley Biotechnology Co., Ltd, have entered into a distribution agreement with Australian firm Sirtex Medical Ltd. This agreement centers on the distribution of Sirtex’s SIR-Spheres (Y-90 microsphere) injection, a treatment for liver cancer.
Under the terms of the deal, Purevalley will acquire a fixed quantity of SIR-Spheres microsphere injections from Sirtex Medical for a total of RMB 166.5 million (USD 23.4 million), acting as Sirtex’s exclusive agent in their respective markets. The Beijing branch will procure RMB 111 million worth of the product, while the Chengdu unit will purchase RMB 55.5 million worth. Sirtex will provide the product to Purevalley at a fixed price as outlined in the distribution agreement.
China Grand gained control of the SIR-Spheres product through its USD 1.4 billion acquisition of Sirtex Medical, finalized in September 2018. The device received its first U.S. approval in 2003 for treating unresectable metastatic liver cancer and liver tumors secondary to primary colorectal cancer. It entered the Hainan Boao Lecheng International Medical Tourism Pilot Zone in September last year under a special access scheme and secured official market approval in China by February 2022.- Flcube.com
