Chinese biotech firm expands into Canada

Caixin reports Chinese biotech drug developer 3SBio Inc. said it will expand to North America by acquiring Canadian assets, marking the latest move by a Chinese drugmaker into the global market. The $290-million deal will see 3SBio take over the contract development and manufacturing (CDMO) business of Ontario-based Therapure Biopharma, 3SBio said in a filing to the Hong Kong Stock Exchange on Sunday. CDMOs provide drug-development services to pharmaceutical companies on a contractual basis. 3SBio said it expects the unit to be “a comprehensive and profitable biological CDMO business in North America.” In 2016, the division’s revenue surged 55% to Can$84 million ($67.8 million). The entire pharmaceutical industry is shifting from small molecule drugs to biological ones, and output of biotech drug companies in China alone will grow by at least 15% annually to reach 600 billion yuan ($91.5 billion) by 2020, according to a plan issued by the State Council.