China Biopharma owns 65% of the joint venture and its partner, Zhejiang Tianyuan Bio-Pharmaceutical, owns the remaining 35%. In June 2006, the Chinese government approved ZT Biotech for developing and distributing biopharmaceutical products, especially human vaccines, in China.
With its joint venture partner, ZT Biotech will focus on the distribution of common vaccines such as influenza, and will introduce more mature, but not yet available biopharmaceutical products into China. ZT Biotech currently distributes flu vaccines throughout major hospitals and clinics in China.
China Biopharma plans to use the joint venture and new licensing arrangements to bring FDA approved new biopharmaceutical products such as therapeutic vaccines into the Chinese marketplace
“Our joint venture, ZT Biotech will initially focus on conducting clinical trials and product registration in China to build a pipeline of biological therapies that can help treat people with cancer and other widespread diseases, so that we can begin domestic distribution of advanced vaccine therapies,” said chairman and CEO of China Biopharma Peter Wang.