Lilly ups stake in Chinese pharma firm

A Chinese generic medicines manufacturer, Novast first received backing from Lilly several years ago. It has committed to setting up a platform to support Lilly-branded generic products and increase the manufacturing capacity at its site in Nantong, China, over the next few years. Lilly will provide technical support to enhance quality standards.

Lilly and Novast have selected an initial list of medicines across multiple therapeutic areas that will be manufactured by Novast once the facilities are operational.

"As we develop a platform of high-quality Lilly branded generic medicines in China, we are supporting the Chinese government's current 5-year plan, which calls for significant improvement in the quality of medicines in the pharmaceutical industry," said Jacques Tapiero, Lilly senior vice president and president of Emerging Markets.

Lilly has made significant investments in research and development in the country of late, increasing its commercial presence, and expanding its manufacturing capabilities both at Lilly-owned sites and through partner companies.

In 2010, it was reported that Lilly had partnered with the government of the Australian state of Queensland to launch a $250 million biotech and life sciences VC fund. The fund, to which Lilly was expected to commit 20% of the total capital, planned to invest throughout Australasia and Southeast Asia.

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• Topics
• Greater China
• Healthcare
• Early-stage
• Pharmaceuticals
• China
• Venture