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Article / Feb 24, 2008

An International Company of Portugal acquires a TaiZhou Pharmaceutical Company

TaiZhou Commercial Daily, 24 February 2008

An International Company of Portugal acquires a TaiZhou Pharmaceutical Company | Hovione

People from Pharmaceutical Business indicate this acquisition will assist to upgrade the Pharmaceutical business in TaiZhou.

In 22nd February 2008 afternoon, Hovione FarmaCiencia SA completed the acquisition of the ZheJiang HiSyn Pharmaceutical Company Limited. This is the first Equity Joint Venture in Pharmaceutical field in ZheJiang Province Chemical and Medical Materials Base LinHai Park, showing a positive trend.

“We have good expectation on the API manufacturers in TaiZhou, the cost and human resources advantage of the China API companies combined with our technical and marketing advantage will be a winning proposition. Our joint venture will produce a huge chemical reaction.” said by the CEO of Hovione, Mr. Guy Villax with smile.

“Hovione” is a Portugal international company with 50 years of history, the main products are API manufacturing, and her products have higher market shares in EEC, USA and Japan. Hovione used 150 million to acquire 75% shares of HiSyn this time, and indicated that the management team will be kept unchanged after the acquisition and the increased investment will be to support HiSyn to meet the international standards.

The development history of the TaiZhou pharmaceutical business is more than 40 years, is one of the key product line in our city. Since, the business structure; creative abilities; environment protection; utilities saving and the basic facilities investment of the pharmaceutical companies in our city are rather poor. So that, the development plan of the Taizhou pharmaceutical business (2007-2012) was indicated that until 2012 we will build up a pharmaceutical park with higher international competition, and emphasize to develop five big products during the period, starting the “139” project.

As per people come from the pharmaceutical business, the entrance of the international pharmaceutical companies in TaiZhou, will provide direct, positive and incentive effect on the upgrading of the pharmaceutical business in TaiZhou. And as per the Administrative Committee, they will incent the current exiting companies to co-operate with the group companies both from China and international. Now, there have several companies are under negotiation with the foreign companies.

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