
Japan’s Shionogi, creator of the blockbuster cholesterol treatment Crestor, announced on Monday, March 30, it would tie up with Ping An Insurance Group of China, selling a 2.05% voting stake for 33.53 billion yen (US$311 million).
Shionogi will form a joint venture with the Chinese group’s unit, Ping An Life Insurance of China Ltd, with the aim of discovering and distributing new drugs and developing generic ones as it looks to expand in China, reported Reuters.
“To attain our growth strategy beyond 2020, we must realize the expansion of our business in China, which is expected to show the greatest pharmaceutical market growth in the world over the next 10 years,” Shionogi said in the statement.
Shionogi, which gains roughly half its revenue from royalties, posted four-straight years of record operating profit through 2019. It focuses on infectious diseases but a looming patent cliff for its HIV treatments will create an earnings gap that will be hard to completely offset.
Ping An Insurance Group, China’s largest insurer by market value, said in February it expected the coronavirus outbreak to affect its business in the first half.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Crypto Exchange Kraken Buys NinjaTrader for $1.5 Billion
Mar 20, 2025 by
CPI
Airbnb Caught in Contradiction Over EU’s Digital Markets Act
Mar 20, 2025 by
CPI
Atkore Faces Shareholder Lawsuit Over Alleged Price-Fixing Scheme
Mar 19, 2025 by
CPI
US Appeals Court Upholds Ruling Denying Copyright for AI-Generated Art
Mar 19, 2025 by
CPI
Morrison Foerster Expands European Antitrust Practice
Mar 19, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Self-Preferencing
Feb 26, 2025 by
CPI
Platform Self-Preferencing: Focusing the Policy Debate
Feb 26, 2025 by
Michael Katz
Weaponized Opacity: Self-Preferencing in Digital Audience Measurement
Feb 26, 2025 by
Thomas Hoppner & Philipp Westerhoff
Self-Preferencing: An Economic Literature-Based Assessment Advocating a Case-By-Case Approach and Compliance Requirements
Feb 26, 2025 by
Patrice Bougette & Frederic Marty
Self-Preferencing in Adjacent Markets
Feb 26, 2025 by
Muxin Li