11 Jun 2015 09:38
Cathay International Holdings Limited
("Cathay", the "Company" or the "Group")
Lansen subsidiary signs a distribution agreement with Bio-Rad China and expands into the clinical diagnostic market in the PRC
Hong Kong, 11 June 2015 - Cathay International Holdings Limited (LSE: CTI.L), a leading operator and investor in the growing healthcare sector in the People's Republic of China (the "PRC"), today announces that its subsidiary Lansen Pharmaceutical Holdings Ltd ("Lansen") (HKEX: 503), in which the Company has a 50.56% holding, has announced that its indirect wholly-owned subsidiary, Ningbo Lansen Medicine Co. Ltd. ("Ningbo Lansen"), has entered into a distribution agreement with Bio-Rad China, a subsidiary of Bio-Rad, a global provider of life science research and clinical diagnostic products (the "Agreement"). Bio-Rad China has agreed to appoint Ningbo Lansen as a non-exclusive distributor in the PRC (excluding one hospital in Beijing) of Bio-Rad China's proprietary diagnostic kits ("Diagnostic Kits") to be applied to its BioPlex® 2200 diagnostic instrument ("Instrument(s)"). The BioPlex® 2200 is a fully-automated instrument that allows the Diagnostic Kits to be applied across a range of autoimmune and other clinical diagnostic assays.
Under the terms of the Agreement, Ningbo Lansen will purchase a fixed quantity of the Instruments from Bio-Rad China over a two-year term, subject to an extension for a period of twelve months. Ningbo Lansen will place the Instruments into hospitals in the PRC.
In addition, Ningbo Lansen will purchase and distribute a specified number of the Diagnostic Kits from Bio-Rad China for each such Instrument installed over a period of five years from its respective installation date. Bio-Rad China will provide service support on each such Instrument during the five-year period.
The Agreement will enable Ningbo Lansen to grow strategically into the clinical diagnostic market, while creating business synergies with its specialty prescription drugs business for the treatment of autoimmune disorders in rheumatology and dermatology.
Further information and terms of the Agreement can be found at http://www.lansen.com.cn/En/index.asp
Mr. Lee Jin-Yi, Chief Executive Officer of Cathay, commented:
"Rheumatology is a fast growing medical discipline in the PRC. Early detection of autoantibodies is key to effective treatment of autoimmune rheumatic diseases and there is a strong demand for reliable clinical diagnosis in autoantibody detection. This distribution agreement with Bio-Rad China will enable Lansen to capture growth opportunities in the clinical diagnosis business for autoimmune diseases in the PRC and we are pleased to be working with Bio-Rad, one of the leading global companies in the life science and clinical diagnostic markets."
-ENDS-
For further enquiries, please contact:
Cathay International Holdings Limited
Eric Siu (Finance Director)
Patrick Sung (Director and Controller)
Tel: +852 2828 9289
N+1 Singer
+44 (0) 20 7496 3000
Aubrey Powell - Corporate Finance
Brough Ransom - Sales
Consilium Strategic Communications
Mary-Jane Elliott/ Matthew Neal / Lindsey Neville
Tel: +44 (0) 20 3709 5702
About Cathay
Cathay International Holdings Limited (LSE: CTI.L) is a main market listed investment holding company and a leading operator and investor in the growing healthcare sector in the People's Republic of China ("PRC"). The Company and its subsidiaries (collectively the "Group") aim to leverage on growth opportunities in the strong and growing domestic demand for high quality healthcare products in the PRC and build its portfolio companies into market sector leaders with competitive edge. Cathay has already demonstrated a strong track record of identifying high-growth potential investment opportunities in this area including: Lansen Group, a leading specialty pharmaceutical company focused on rheumatology and dermatology in the PRC; Haizi, a company engaged in the manufacture, marketing and sale of inositol and its by-product, di-calcium phosphate; Yangling, a company engaged in production and sales of plant extracts for use as key active ingredients in healthcare products; and Botai, a company engaged in collagen products.
The Group employs approximately 2,000 people across the PRC, including over 30 specialist corporate and business development staff based at the holding company's offices in Hong Kong and Shenzhen. Cathay also has a hotel investment. For more information please visit the Company's website: www.cathay-intl.com.hk
About Lansen
Lansen, whose shares are listed on the mainboard of the Hong Kong Stock Exchange, is a 50.56% owned subsidiary of Cathay. Lansen is engaged in the manufacture, distribution and development of specialty prescription drugs for treatment of autoimmune disorder in rheumatology and dermatology. Lansen is in the leading market position in DMARDs for treatment of rheumatoid arthritis RA in the PRC. Lansen has established an extensive distribution network, covering more than 1,000 hospitals in four municipalities, 25 provinces and cities in the PRC. For more information please visit the Lansen's website: http://www.lansen.com.cn/En/index.asp
About Bio-Rad
Bio-Rad, whose shares are listed on the New York Stock Exchange, primarily develops, manufactures, and markets a broad range of innovative tools and services to the life science research and clinical diagnostics markets. Bio-Rad has a global team of more than 7,750 employees and serves more than 100,000 research and industry customers worldwide through the Bio-Rad's global network of operations. Throughout its existence, Bio-Rad has built strong customer relationships that advance scientific research and development efforts and support the introduction of new technology used in the growing fields of genomics, proteomics, drug discovery, food safety, medical diagnostics, and more. For more information, please visit http://www.bio-rad.com/