Xinhua News Agency, June 30^th (by Chen Wenxian, Dong Shishan) On June 28^th, Sanpower Group, a Nanjing-based conglomerate, closed its 100% acquisition of an American biomedicine company named Dendreon. The flagship product of Dendreon is Provenge, an advanced prostate cancer immunotherapy medicine. According to reliable sources from Sanpower Group, the closing of this acquisition indicates the global intellectual property rights of the cellular immunotherapy medicine Provenge, but also its manufacturing and application technologies will be owned officially by a Chinese company.

 

In January 2017, Sanpower Group reached an agreement in San Francisco with Valeant, a world's leading pharmaceutical company from Canada, to acquire a 100% stake in its California-based biopharmaceutical company Dendreon for $819.9 million.

 

“Provenge is the only American innovated biomedicine that has been acquired be a Chinese company in the US and the only cellular immunotherapy medicine that was acquired by a Chinese company in overseas. There is no such cellular immunotherapy available now in the Chinese market. After the closing, therefore, we hope to introduce Provenge to China and subsequently to the market of SE Asia as soon as we can.”said Yang Huaizhen, President of Sanpower Group

President Yang Huaizhen also said, “Provenge will synergize with the existing healthcare business at Sanpower Group very well, such as our cord blood stem cell storage and gene testing. With broad experiences we accumulated through this acquisition and integration, we expect to roll out our strategy on more cellular immunotherapy R&D projects in the near future. ”

 

In regard to cellular immunotherapy research and development, we believe our capability can compete against our counterparts in the western developed countries. However, we are still away from their strength in terms of industrialization, clinical application study and industry supervision. Cellular immunotherapy is one of the few good opportunities that China is potential to outrun other countries in biomedicine industry”, said Vice Chairman Zhang Shuren from Tumor Biotherapy Committee of Chinese Anti-Cancer Association.

 

Established in 1993, Sanpower Group offers a global platform for its three main primary sectors: healthcare, retail and financial services. Among the Top 500 China Private Enterprises elected by All-China Federation of Industry and Commerce, Sanpower Group was ranked 19^th in 2016.

 

Dendreon Pharmaceutical Corporation was founded in 1992. Provenge, the medicine from this company, was officially approved by FDA in April 2010 for the treatment of asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer (mCRPC). This is the first FDA-approved autologous cellular immunotherapy, and also the only cellular immunotherapy for prostate cancer.

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