Fosun to expand pharmaceutical innovation overseas
US branch will be jointly funded by Fosun Pharma USA and Fosun International, as Shanghai-based firm focuses on growth at home and abroad
Fosun, a Shanghai-based company engaged in the development, manufacture and sale of pharmaceutical products and medical equipment, has announced its investment plan, which includes the setting up of a new subsidiary in the US, Yicai.com reported.
The new US branch will be jointly funded by Fosun Pharma USA and Fosun International, with the two subsidiaries respectively contributing US$25.5 million and US$24.5 million. Fosun Pharma USA will hold 51% of the stake.
Fosun will also conduct a 102 million yuan capital injection to its subsidiary, Futuo Biotechnology Development Co. Ltd. The company mainly engages in domestic drug R&D, medical equipment and diagnosis.
For its investment plan for the year ahead, Fosun’s main focus is clearly on the development and expansion of pharmaceutical innovation, both at home and aboard.