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news.China Sky One Medical, a producer of over-the-counter drugs, has reached an agreement to purchase a proprietary breast drug from Harbin Medical University for the treatment of lobular hyperplastic lesions of the breast.
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Heilongjiang Tianlong Pharmaceutical Company, a subsidiary of China Sky One Medical, will purchase the breast drug for RMB10 million from Harbin Medical University.
China Sky One Medical collaborated with Harbin Medical University to develop the drug, which has been approved by the State Food and Drug Administration (SFDA) in China. First phase clinical trials have been completed. In over 10,000 trials, the drug has been shown to be 100% effective with an 89% curability rate, said China Sky One Medical.
Following the completion of additional clinical trials, the company expects to obtain production approval for the drug from the SFDA in two to three years following the purchase.
Yan-Qing Liu, chairman, CEO and president of China Sky One Medical, said: “We are very excited about the prospects for this drug, and estimate that it will generate RMB1 billion within five years once production begins. By acquiring this drug from Harbin Medical University, we will further strengthen and diversify our product line and enhance future profitability.”