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news.Aida Pharmaceuticals, one of mainland China's leading pharmaceutical companies, has completed its acquisition of the majority control of gene drug pioneer Shanghai Qiaer Bio-Technology Co.
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Aida has acquired an additional 32.5% of Qiaer Bio-Technology and now owns 77.5% of the total outstanding shares of the company.
Qiaer Bio-Technology’s flagship drug is Rh-Apo2L, a gene drug anticipated to treat various forms of cancer. A phase I clinical trial evaluating Rh-Apo2L was recently completed. Aida Pharmaceuticals said that it will hold a press conference shortly to discuss the conclusion and positive results of Rh-Apo2L phase I trials.
Aida Pharmaceuticals management believes that because of recent phase I regulatory progress of Rh-Apo2L, the acquisition of Qiaer Bio-Technology represents significant value for its shareholders.
The company plans to apply for phase II and phase III clinical trials with the State Food and Drug Administration (SFDA) of China. Additionally, Aida confirmed that it anticipates the completion of all clinical trials by the end of 2007 and expects Rh-Apo2L will receive all regulatory approval needed for commercialization in 2008.
“We are extremely pleased with this addition to Aida Pharmaceuticals’ list of subsidiaries,” commented Jin Biao, Aida’s chairman. “This acquisition positions Aida to maximize both the profitability of Qiaer, and to continue to direct its energy in the R&D of gene therapy drugs.”