As a leading innovative pharmaceutical company dedicated to specific therapeutic fields in China, Luye always upholds prudent and responsible attitudes. Based on macro-environment and Luye's own development path, The Company thinks the prerequisite of the acquisition is not in the best interest of Luye after balancing several factors. Therefore, Luye terminated the Agreements in relation to the Company's proposed acquisition of equity interest in Beijing Jialin Pharmaceutical.
Mr. LIU Dianbo, Executive Chairman and Chief Executive Officer of Luye Pharma Group Ltd. said, "We remain committed to implementing stated strategies and will continue to invest in research and development in order to expand our new product offerings; to further develop businesses in overseas markets, including registering our products in such markets; to seek opportunities, including mergers and acquisitions fit in with the Company's overall strategies, to supplement the Company's existing product portfolio and to enhance the Company's leading position in three major therapeutic areas, namely oncology, cardiovascular system and alimentary tract and metabolism. We will actively seize market opportunities, strategically adjust M&A development plan, balance return and risk thoroughly and realize growth in value and long-term development of Luye. We will reward our investors' trust by maximizing returns for them."
About Luye Pharma Group Ltd.
Luye is a leading innovative pharmaceutical company in China and focuses on developing, producing, marketing and selling innovative pharmaceutical products in three of the largest and fastest growing therapeutic areas in the PRC—oncology, cardiovascular system and alimentary tract and metabolism. The five core products of the Group enjoys leading position in their therapeutic field respectively and accounted for 74.8% of total revenue in the year 2014. The revenue of patent products mounted to 86.5% in 2014. Sales network covers 30 province , municipalities and autonomous regionsand cities in China, and sells its products to over 8,500 hospitals. Five leading production bases are in Yantai, Nanjing, Beijing and Luzhou and production lines are all recognized by new the latest GMP in China. The Group have rich product pipeline with 21 products under research. The Group is proactively expanding overseas market and 7 products are under the process of registration overseas, among which 4 products have entered into the FDA clinical phase.