CHICAGO--(BUSINESS WIRE)--Meitheal Pharmaceuticals (“Meitheal”), a fully integrated generic injectables company based in Chicago, Illinois today announced that Hong Kong King-Friend Industrial Company, a wholly-owned subsidiary of China-based manufacturer Nanjing King-Friend Biochemical Pharmaceutical Company (NKF), has agreed to take an increased stake in the business for US$95 million. Upon close of the transaction, which is anticipated in the fourth quarter of 2019, NKF will have a majority share of ownership in Meitheal.
“We are excited to have found a strong growth partner in a world-class manufacturer like NKF,” said Tom Shea, founding Chief Executive Officer of Meitheal Pharmaceuticals. “Our aim at Meitheal is not only to produce high quality generic injectables, but also to safeguard affordability and access to them. Meitheal’s role as NKF’s exclusive commercialization arm in the US, coupled with NKF’s full-scale manufacturing capabilities and reliable supply of active pharmaceutical ingredients, will enable and empower us to meet patients’ needs in parallel with our business development goals.”
Meitheal primarily specializes in the development, manufacture, procurement, and sale of generic injectable pharmaceuticals, with 12 FDA-approved products covering indications for anti-infective, oncolytic and intensive care. Furthermore, Meitheal has an expanding product portfolio and robust pipeline, including single and multi-dose vials, ready-to-use prefilled syringes and premixed bags. As of the end of June 2019, Meitheal had 49 products in the research and development phase, 24 products were under review by the US Food and Drug Administration (FDA), and 8 products were planned to be launched in 2019.
Chief Executive Officer of NKF, Eric Tang, said “This partnership highlights the strengths that link NKF and Meitheal, and reinforces our ability to serve patients around the world. NKF is well positioned to leverage our robust manufacturing capabilities in support of Meitheal’s increased presence in the US healthcare market. Together, we can better meet patients’ needs for consistent supply of vital generics."
ABOUT MEITHEAL PHARMACEUTICALS
Since 2017, Meitheal Pharmaceuticals has bridged critical gaps in the US healthcare market by supplying high quality, affordable generic injectables. Our diversified product range — from antibiotics, anticoagulants, and muscle relaxants to drugs used in chemotherapy — represents practical solutions for countless patients around the country, as well as Meitheal’s commitment to their care. Based in Chicago, Illinois, our aim each day is producing quality and ensuring affordability, using the traditional Irish guiding principle we are named for — Meitheal (Mee·hall): working together toward a common goal, for the greater good.
Learn more about who we are and what we do at www.meithealpharma.com.
ABOUT NANJING KING-FRIEND BIOPHARMACEUTICAL COMPANY (NKF)
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. (NKF) is a China-based company principally engaged in the research and development, production and sales of Active Pharmaceutical Ingredients (API) and Finished Dosage Form (FDF). Established in 1986 as one of world leading manufacturers of heparin related APIs, NKF has grown into a fully integrated API and FDF manufacturer in multiple therapeutic areas including critical care and oncology. With three US FDA approved manufacturing sites in China and more than 500 employees, including more than 100 dedicated research and development experts, NKF strives to meet patient needs globally with market presence at US, China, EU and South America. The Company is publicly listed on Shanghai Stock Exchange with a market capitalization over $2B.
ABOUT HONG KONG KING-FRIEND INDUSTRIAL COMPANY
Hong Kong King-Friend Industrial Company is a wholly-owned subsidiary of NKF, founded in 2010.