19th May 2014 12:35
LONDON (Alliance News) - Cathay International Holdings Ltd Monday said it is continuing to benefit from the growing healthcare sector in China so far in 2014.
In a statement covering the year to date, the investment holding company focused on the healthcare sector in China, said Lansen Group, its specialty pharmaceutical company focused on rheumatology and dermatology, has entered into a number of strategic transactions.
During the first-quarter, Lansen acquired Novartis Sicorten Plus in China, a corticosteroid cream for the treatment of inflammatory skin diseases. Lansen also obtained the exclusive distribution rights for Kefumei, a collagen dressing product, from Xi'an Juzi Biology Gene Technology Co Ltd, a Chinese high-tech enterprise focused on genetic engineering and bio-medical materials. Cathay said the transactions expand Lansen's drug portfolio and also expose it to more acquisition and collaboration opportunities with global pharmaceutical groups.
Haizi Group, a Cathy company engaged in the manufacture, marketing and sale of inositol and DCP, increased its inositol production level from approximately 100 tonnes per month in December 2013 to 130 tonnes per month in April 2014. Work continues with corn fluid suppliers to ensure the smooth and continued supply of raw material for inositol production.
Haizi has a full order book of inositol manufacture in the second-quarter, Cathay said, adding that the inositol market price has remained relatively stable during the period. Within the Yangling business unit, work has commenced to rebuild the business volume of its bilberry extract product, it said.
Cathay said its hotel has performed in line with management expectations.
Cathay aims to identify business opportunities with emphasis on high growth healthcare markets and build them into market sector leaders, with a view to exiting them later.
"Consistent with what we highlighted in our recent 2013 preliminary results, Cathay International Holdings continues to benefit from China's rapidly developing healthcare sector. Overall we anticipate 2014 to be a fruitful one for the group. We will work to leverage the many synergies that already lie within the group and capture opportunities in the growing healthcare market in China," Chief Executive Lee Jin-Yi said in a statement.
Cathay shares were Monday quoted at 36.01 pence, down 4.0%.
By Samuel Agini; [email protected]; @samuelagini
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