CHENGDU, China, June 12, 2015 /PRNewswire/ -- Tianyin Pharmaceutical Co., Inc. (NYSE MKT: TPI), a pharmaceutical company that specializes in patented biopharmaceutical, modernized traditional Chinese medicine (mTCM), branded generics and active pharmaceutical ingredients (API), further updated that the discussions between Chengdu Tianyin and Buchang Pharma have further developed towards increasing percentage of ownership by Buchang Pharma in the Tianyin-Buchang Alliance joint venture. The total registered capital for the joint venture is RMB 200 million (approximately $33 million), of which the TPI's wholly owned subsidiary Chengdu Tianyin Pharmaceutical Co., Ltd. owns 95% and Buchang Pharma owns 5%.
The above mentioned discussions follow the completion of construction and the subsequent successful GMP certification (Certification No.: SC20140067, valid till July 1, 2020) according to the latest GMP standards at the Company's new manufacturing Qionglai Facility (QLF). The integration of the TPI-Buchang Pharma sales network platform is making progress and the production is ongoing at the QLF after further upgrades on both mTCM extraction and formulation technologies supported by Buchang Pharma.
The TPI-Buchang Strategic Alliance
TPI and Buchang Pharmaceutical Co., Ltd. ("Buchang Pharma", http://www.bloomberg.com/profiles/companies/SHPHRZ:CH-shandong-buchang-pharmaceuticals-co-ltd in early 2015 established Tianyin-Buchang Strategic Alliance (the "Alliance") to synergize and accelerate the growth of the Company, boosting the mTCM franchise focusing on its cardiovascular revenue driver Gingko Mihuan (GMOL). The Alliance is led by TPI's Chairman Dr. Jiang, Guoqing and Buchang's senior executive vice president Wang Yimin. The Alliance is based upon TPI's newly completed Qionglai Tianyin Facility (QLF) with the expanded production capacities in mTCM pre-extraction, purification and formulation manufacturing, which is planned to synergize the current sales coverage with the Buchang Pharma's network resources (>15,000 hospitals nationwide) to enhance TPI's product portfolio focusing on TPI's lead revenue driver GMOL.
About Buchang Pharma
Buchang Pharmaceutical Co., Ltd., headquartered in Xi'an, established in 1993, by Prof. Buchang Zhao (founder, net worth estimated at $1.1 billion in 2014, http://www.forbes.com/profile/zhao-buchang/), is a pre-IPO targeting going public on Shanghai main board in 2015, (Citic Securities, 2015) pharmaceutical enterprise focusing on research, development, manufacturing and distribution of medicines and health care products in China. Buchang Pharma is one of the leading pharmaceutical companies in China and specializes in cardio-cerebral vascular (CCV) drugs and mTCM research and development. Within its comprehensive portfolio of over 60 nationally reimbursed products, Buchang Pharma's Naoxintong Capsules, Yinxin Granules and Danhong Injection are three proprietary cardiovascular products that delivered $1.1 billion total annual sales in 2013. Listed in the prospectus of the Company, Buchang's cardiovascular franchise ranked No.1, making up 8.1% of the total of China's CCV market in 2012. The three lead cardiovascular drugs mentioned above delivered an accelerated growth curve with 2011, 2012, 2013 sales at $700 million, $900 million and $1.1 billion in total respectively.
With more than 10,000 professional sales representatives covering 15,000 hospitals and 130,000 pharmacies, Buchang Pharma has established a comprehensive network in China's large healthcare industry. The annual sales of Buchang Pharma were RMB 3.6 billion (approximately $510 million) in 2008, RMB 5.2 billion (approximately $560 million) in 2009, RMB 6.5 billion (approximately $1 billion) in 2010 and RMB 8.6 billion (approximately $1.4 billion) in 2013, more than doubled within 5 years. For additional information on Buchang Pharma in English, please click http://www.buchang.com/english/about.asp; or, in Chinese, http://www.buchang.com.
Headquartered at Chengdu, China, with Dr. Guoqing Jiang as Company's Chairman and CEO, TPI is a pharmaceutical company that specializes in the development, manufacturing, marketing and sales of patented biopharmaceutical, mTCM, branded generics and API. For more information about TPI, please visit: http://www.tianyinpharma.com.
Safe Harbor Statement
The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
For more information, please visit: http://www.tianyinpharma.com.
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SOURCE Chengdu Tianyin Pharmaceutical Co., Inc.