Edmonton-based Altachem Pharma has inked a deal with a partner to purchase a Shanghai pharmaceutical pellet firm.
Company CEO Warren Jackson says the equity assignment contract will allow his company to buy out the remaining 75 per cent of the firm owned by Shanghai Jaingwan Industrial and Commercial Company for about $875,000 Cdn.
With approval from Chinese authorities, the company will then be classified as a 100-per-cent foreign-owned company.
“With China joining the World Trade Organization it creates a great opportunity for Altachem Pharma and our shareholders as well as the companies in China,” Jackson said.
The company has also applied to Chinese authorities to advance to the next phase of the joint venture, which involves making and selling pharmaceutical products, contract technical research, and development services for Altachem products and other pharmas wishing to see their products approved for sale and distribution in China.
Altachem (AAF-TSX) is currently working on developing a multi-tiered, integrated approach for the treatment of HIV/AIDS and cancer.
