Back in October:
CALGARY, Oct. 11, 2011 /PRNewswire/ - SemBioSys Genetics Inc. (TSX:SBS), today announced that it has signed a product and platform development collaboration agreement (the "Agreement") with Tasly Pharmaceuticals, Ltd ("Tasly") of Tianjin Chinaand its wholly owned subsidiary Tasly U.S. Upon receiving government approval, a new Company based in China called Tasly-SemBioSys Pharmaceuticals, Ltd., will be incorporated in Tianjin, China, the third largest city in China. This Agreement is the most comprehensive partnering commercialization endeavor in SemBioSys' history.
SemBioSys is a biotechnology company that utilizes its renewable, patented plant seed oil body and protein expression technology platforms to develop and make high value proteins and oils and drug candidates for health and wellness products.
Tasly is one of China's largest pharmaceutical companies and is China's second largest producer of traditional Chinese medicines ("TCM"), which are derived from plants. Its lead drug, Tasly Cardiotonic pill, is the number one selling TCM in Chinaand has held that position for the last seven years. In 2010, Tasly recorded revenues of 4.65 billion RMB with a ten year compounded growth rate of 21%. Tasly also has significant operations in the United States, Africa, South East Asia and the UK with its partner. Beijing International Group, an affiliate of Integrin Partners, acted as strategic advisor to Tasly on the transaction.
The new Company will be structured as a Sino-Foreign Equity Joint Venture (the "Joint Venture"), and will develop and commercialize a variety of products including pharmaceutical, functional foods and nutraceuticals for China and the world. Development work on the first products will begin immediately.