Dec. 01, 2010
Investment in a Singapore Stock Market-listed Chinese Pharmaceuticals Company
Marks a Fully Fledged Advance Into the China Pharmaceuticals Market
Sumitomo Corporation (Chuo-ku, Tokyo; President and CEO: Susumu Kato; hereinafter, Sumitomo) has agreed to aquire from the major stockholder Leo Star Development Limited (the English territory of the Virgin Islands; hereinafter, Leo Star) a 29% share in a Singapore Stock Market-listed C&O Pharmaceutical Technology Holdings Ltd. (Group)(the English colony of Bermuda; Chairman: Gao Bin; hereinafter, C&O). The result is that, after Leo Star, Sumitomo will become the second largest stockholder in C&O and through them will mark its fully fledged advance into the mainland China pharmaceutical market.
The future outlook for the rapidly expanding the China pharmaceutical market is expected to see growth of more than 15%. By 2020, the China Pharmaceutical market size is said to reach US$130 billion and exceed Japan, being the second largest after the U.S.. C&O is a pharmaceutical company based in China, which is involved in the R&D, manufacturing and sales of pharmaceuticals, selling ethical drugs to 300,000 hospitals and pharmacies all over China.
Sumitomo has long been active in the new drug licensing business. Now through C&O, in addition to introducing new drugs from Japan,the U.S. and Europe into China's pharmaceutical market, Sumitomo will embark on pharmaceutical development on contract basis, utilizing C&O's R&D platform. Moreover, making use of Sumitomo's global supply chain, Sumitomo is thinking of providing C&O with highly competitive active pharmaceutical ingredients and to export C&O branded products to South East Asia market, through which Sumitomo plans to double C&O's turnover to be 15 billion Yen within the 5-year range. With the capital participation this time, supplying high quality and safe pharmaceuticals to China through C&O, Sumitomo will contribute to enhancing the level of medical care in China, and maintaining/improving the health of people in China.
<C&O Company Details>
|Official Name||:||C&O Pharmaceutical Technology (Holdings) Limited|
|Date of Establishment||:||2003 (Listed in the Singapore Stock Exchange in 2005)|
|Address||:||Registered in Bermuda|
|Scope of Operations||:||R&D, manufacturing, importing and sales of pharmaceuticals|
|Annual turnover||:||Approx. 7 billion Yen|
Corporate Communications Department,