Jiangsu-based HOB Biotech Group Corp., Ltd (SHA: 688656) has announced a strategic cooperation agreement with Sino Biopharmaceutical Ltd (HKG: 1177), along with controlling shareholder HOB Biotech Group Limited and John Li, chairman and general manager of HOB. The collaboration aims to explore and cooperate in the research and development, production, and sales of desensitizing drugs and in vitro diagnostic (IVD) products in the fields of allergies and auto-immune diseases.
Sino Bio will acquire a combined 55% stake in HOB Bio for an undisclosed sum, thereby gaining control of the firm. HOB has previously in-licensed the ORALTEK desensitizing drug series from Inmunotek, which has been marketed in 13 countries globally since its initial launch in Europe in 1994. The MM09 sublingual spray product from this series, approved for marketing in China in July this year, has been applied in Lecheng of Hainan and Macau.- Flcube.com
