Amgen and Zhejiang Beta Pharma announce planned joint venture in China

Amgen (NASDAQ:AMGN) and Zhejiang Beta Pharma Co., Ltd. (Zhejiang Beta Pharma) today announced that the companies have signed an agreement to form a joint venture to commercialize Amgen’s Vectibix® (panitumumab) in the Chinese market. Together, Amgen and Zhejiang Beta Pharma aim to quickly and efficiently deliver Vectibix to patients in China.

The joint venture will benefit from Zhejiang Beta Pharma’s strong expertise in the development and commercialization of molecularly targeted therapies as well as Zhejiang Beta Pharma’s industry-leading oncology sales network in China. Zhejiang Beta Pharma’s China capabilities are complementary to Amgen’s global expertise in the development and manufacturing of human therapeutics.

“This joint venture brings us one step closer to providing Chinese patients with Amgen’s medicines and supports our strategy of expanding in key, fast-growing markets,” said Anthony C. Hooper, executive vice president at Amgen. “We are pleased to have the opportunity to join forces with Zhejiang Beta Pharma, a leader in developing and commercializing innovative medicines that shares our goal of making a new treatment option available to colorectal cancer patients in China.”

“Amgen is a pioneer and a global leader in the biotech industry. Our partnership with Amgen will be of long-term strategic significance not only for Zhejiang Province, but also for the whole medical community in China,” said Lieming Ding, chairman of Zhejiang Beta Pharma. “We share Amgen’s passion for developing molecularly targeted therapies for unmet medical needs, and are confident that together we can help many Chinese patients who suffer from colorectal cancer.”

“This is an important step forward in Amgen’s commitment to the China market,” said James Li, vice president and general manager, Amgen Greater China. “We are excited about the formation of our partnership with Zhejiang Beta Pharma and look forward to bringing Vectibix to Chinese patients within the coming years. Amgen’s 30-year track record of developing innovative medicines means we are well-positioned to support the development of China’s biotech sector. We see this as a clear step that enables Amgen to help China achieve its goals for the biotech industry.”

“This is certainly a groundbreaking event for the biotech industry in China,” said Yinxiang Wang, CEO of Zhejiang Beta Pharma. “We are pleased to be joining forces with Amgen in the war against cancer.”

According to the agreement, the new joint venture will be named Amgen-Beta Pharmaceuticals Co., Ltd. Zhejiang Beta Pharma will own 51 percent and Amgen will own the remaining 49 percent interest in the joint venture. The creation of the joint venture is subject to the satisfaction of certain closing conditions, including the approval of relevant government authorities in China.