Bioasia 2011

The Asian Promise Key trends and alliances in biotechnology during 2010

2011

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Contents

05 Foreword 06 The Asian biotech explosion 07 Country insights 10 Global bio-frenzy 11 Asian bio M&A monitor – 2010 12 Asian bio alliances monitor – 2010 13 Bio-pharma convergence 15 Bio-similars: evolution or revolution? 16 Emerging Asian similars 17 Outlook 19 Appendices

The global biotechnology sector has witnessed various regional shifts – with the West emerging as the land of capital and Asia shifting strategically from a mere outsourcing destination to a centre of innovation. In this paper, we attempt to bring out key drivers of this regional transformation in Asia and analyse this era of research-based alliances.

Alliances that reward bio-innovation have been the name of the game in the global markets. The leaders Mahadevan Narayanamoni of this bio-frenzy in the Asian region have been National Leader Japan, China and India, witnessing some of the Healthcare and Life Sciences Advisory Grant Thornton India largest deals of varying types: the traditional biotech- pharma deals, biotech-biotech deals and ubiquitous M&As. The big pharma push towards generics in “Emerging unscathed from the emerging markets; non-exclusive licensing global financial crisis, the Asian arrangements in biotech; investment capital provided biotech economy maintained by the West; faith in the discovery of biosimilars; and milestone-based alliances have been some of the unprecedented growth driven largely innovative outcomes of this year’s bio-deal monitor. by a focus on research. While big brothers continue to play a major Asia promises to become a biotechnology hub and role in global market dynamics, this is made evident by the growing number of cross border collaborations in this sector since 2010. The emerging markets and growing region’s thriving biotechnology sector has been economies will emerge as significant driving innovation on its own over the last decade - partners in this race of innovation. Asia is now set to be a significant centre of developmental expertise. A fact now acknowledged The year 2010 saw a spate of M&As and respected by the world, evident in the flurry of and alliances across the collaborations in 2010. development hub of Asia, and this trend of global interdependence is only expected to strengthen in 2011 and beyond”.

The Asian biotech explosion

Amid the increasingly competitive landscape and investments, while reducing costs and in some cases rising development costs, the biotech industry has undertook sale of assets to generate funds, thereby witnessed a regional shift from outsourcing to providing a cost competitive edge to Asia. innovation. Once considered the exclusive domain of the US and Europe, Asia has emerged as a centre for The region built sound policies and strategies to research and development activities and is now a favour the evolution of the biotech sector, strategic partner of choice. The industry continues to strengthened by an enviable intellectual capital base. grow given increasing focus by local governments Over the past decade, Asian economies have and investors. revisited regulations, and monitored the implementation of procedures, policies and The Biotech industry in the West, which was worst guidelines to promote innovation and hit by the financial crisis, underwent drastic commercialisation; fostering home-grown companies restructuring, curtailing new to be more competitive in the global market.

Country insights

India years, thereby attracting increasing interest from pharmaceutical and biotechnology companies. The Indian biotech industry in 2010 was marked by consolidation trends, collaborations and a spate of In addition to financial support provided directly by deals between pharma and biotech companies at high the government, collaboration among research valuations. institutions and emerging biotechnology companies has augmented the number of opportunities for The Indian biotech industry crossed the USD 3 advancing research and growing new innovation- billion mark in 2010 witnessing a 23% growth over based businesses in China. the previous year 2009. Exports accounted for 53% of the overall revenue indicating a growth of 5%, The Chinese biotechnology industry is estimated at while the share of domestic firms stood at 47% USD 9 billion in 2010, growing at a CAGR of marking a growth of 35% over the previous year. approximately 17%. Biopharmaceuticals and bioservices have been the The new generation of Chinese biotechnology key segments that contributed to the growth of the companies is moving to adopt a new business model Indian biotech sector. Vaccines accounted for a by creating unique, patent-protected medicines that majority of the biopharmaceutical market. Export of command higher profit margins than the biogenerics bioservices (contract and clinical research) has or bio-similar drugs. continued to grow owing to India’s high-skill and low-cost advantage. Singapore

China With a highly skilled workforce, excellent infrastructure, strong regulatory compliance network China’s rapid growth in medical biotechnology and and trade linkages with the rest of the world, generic biologics has been catalysed by government Singapore has remained a preferred destination for support, huge investments and favourable policies. technology-intensive manufacturing in biotechnology The world’s top ten pharmaceutical companies have products. While the biotech sector in Singapore has already invested in China-based production, making not been unscathed by the economic downturn, it the country Asia’s leader in collaborations and continues to attract increased investments from the alliances in 2010. China is also a classic example of government and global biotech and pharmaceutical the successful establishment of biotech clusters. companies. The biomedical science sector in Singapore is expected to reach the target of USD The Chinese pharmaceutical market is poised to 17.9 billion in manufacturing output and 15,000 jobs become the world’s second largest at USD 109.5 by 2015. billion by 2020. The Chinese government is undertaking several initiatives to pump USD 125 A coordinated, strategic approach involving multiple billion into the medical system over the next three government agencies and sustained investment over

© 2011 Grant Thornton India. 7 Member firm within Grant Thornton International Ltd a long period have allowed the development of to expand industrial infrastructure over the next 10 biomedical clusters in Singapore. Manufacturing years. The biotechnology market in South Korea is capabilities and competitive cost advantages may not estimated to reach USD 6.5 billion in 2011. be very sustainable long term strategies. Japan The next phase of development of biotechnology in Probably affected the most by the economic Singapore will require a focus on translational and downturn when compared to its Asian counterparts, clinical medicine, and continued efforts to develop lack of funding options for biotech and lifesciences competencies and capabilities to continuously segments had been the primary deterrent for growth. support positive results. Japan is seen exploring alternative options of South Korea partnering with biotechnology and pharma Although a late entrant in the biotechnology space, companies in other countries for investment capital South Korea has emerged as one of the favoured and strengthening their product pipelines. Japan, investment destinations in the Asian region. Factors therefore, leads in the number of deals and alliances such as strong economic growth, congenial business in Asia. environment, and rapid shift towards a truly knowledge-based information society, have paved Realising the need to remain competitive and grow in the way for creating a wealth of investment a highly competitive environment, the Japanese opportunities in the country. The government also government has also devised development plans to formulated a plan, Bio-Vision 2016, in November drive innovation by giving support to universities and 2006 to acquire competitive source technologies, and enterprises in its move towards commercialisation.

Number of Biotech M&A deals by destination country 2010 India China closely follow the US 57

14 10 7 4 4 4 6 1 1 1 1 1 1 1 1 2 3 3 3 UK US ISR IRE IND BEL BUL SPA FRA MAL AUS SGP JAP JAP CAN MEX KOR GER SWZ SWE CHN

While Asia may have historically been a poor cousin of its US, European counterparts when it comes to Biotech, a review of the recent deal activity in Asia indicates the emergence of a revolutionary phase for medical science in the region. Evolved markets like the US and Europe still lead in the number of deals in the biotechnology segment. However, reeling under pressures of imminent patent expiries, the developed markets have relied on the acquisition/ alliance route to sustain growth. Asia has, therefore, witnessed a spate of M&As and alliances over the last three years which marked a beginning of a 10 year strategy by the West. The emergence of Asia in the biotech space indicates the evolution of the emerging markets and realisation of the innovation potential of the region. This when combined with the cost competitiveness of the region and access to large local markets marks the beginning of the Asian Promise.

Number of Biotech Alliances 2010 – ‘Biotech – Biotech/ Biotech – Pharma’ Between Asian Destination Country and the World

Country (biotech/ pharma company) entering into alliance/ collaboration

US AUS CAN CHN FRA GER ISR JAP KOR SWE SWZ TAI UK

BAN 1 1

CHN 8 1 1 1 2 3 16

DUB 1 1

IND 7 1 8

ISR 1 1

JAP 22 2 2 4 7 1 2 40 of Number deals

SGP 1 1 2 Destination of alliance - Asia Asia alliance - Destination of KOR 2 2 1 5

TAI 5 1 6

46 1 7 4 3 7 0 7 3 3 2 0 2 80

Asian bio M&A monitor – 2010

In order to fully examine the forces driving Asia to transform into a provider of not only outsourced research but also drug discovery and innovation, we focused on some of the largest countries in the region: China, India, Japan, South Korea, Singapore and Taiwan. Each of these countries have distinct comparative advantages that are helping them carve out critical niches in the world market. India and China lead in the biotechnology M&A’s in Asia. This is largely driven by the countries’ capacity for operational advantages for trials and treatments, a vast pool of intellectual capital, high quality of physicians and trained personnel and biotechnology infrastructure.

2010 Biotech M&A deals in key Asian economies – China, India, Singapore, South Korea and Japan Number of Outbound and Inbound M&A deals Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

C H N I N D

S G P

K O R

J P N

Largest M&A deal of Asia

While China and India lead in terms of the number of biotech M&A deals in the region, the largest M&A deal in the Asia was Japan’s acquisition of OSI Pharmaceuticals USA by Astellas Pharma for a consideration of USD 4 billion. This was closely followed by the second largest M&A deal in the biotech space in the acquisition of Wuxi Pharmatech (China) by Charles River Laboratories for a consideration of USD 1.6 billion. India saw one of its largest deals in the agri-biotechnology space in Rallis’ acquisition of Metahelix for a consideration of USD 46 million.

Asian bio alliances monitor – 2010

A mixture of collaborative research, contract research, outsourcing and co-development is sprouting all over Asia, fueled by organisations seeking to enhance revenue streams and exploring new market. This could involve partnering with innovative companies or research centers to access intellectual property – with or without capital – to develop and commercialise promising drug candidates. China, Japan and India lead the way in the Asian alliances, whether between two pure-play biotechnology companies or between a biotechnology company and a larger pharmaceutical company (whether local or global majors).

2010 Biotech Alliances in Key Asian economies – China, India, Singapore, Taiwan, South Korea and Japan Number of Biotech : Biotech Alliances and Biotech : Pharma Alliances

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

C H N

I N D

S G

T W

K O R

J S P N

Biotech – Biotech Alliances Biotech – Pharmaceutical Co Alliances Alliances between a pharma company and a biotech company outnumber the alliances between two biotech companies globally as well as in Asia. There were 322 global alliances between a Biotech company and a pharmaceutical company of which 93 involved atleast one Asian country and 270 alliances between two biotech companies of which only 37 involved atleast one Asian country. In bio-pharmaceutical alliances, Japan leads with 41 alliances, while China has been a close follower with 22 alliances and India has registered 13 alliances.

Bio-pharma convergence

With an estimated USD 116 billion of Key Bio-Pharma alliances India and China - 2010 drugs going off-patent in the next five years in developed markets, big Biotech Pharma pharma has been struggling to Optomagic Co Shenogen Pharma Group S Korea China maintain its growth rates, revenues QRxPharma Ltd Aoxing Pharmaceutical and market control. Having learnt to Australia China outsource non core functions, they Napo Pharmaceutic als Luye Pharma Group US China are now scouting for companies in MediGene AG GC-Rise and JS Bio Germany China Asia with R&D capabilities, approved Jiangxi Aiqilin facilities and strong pipelines to Uluru Inc. Pharmaceuticals US China reduce the time to market. United Therapeutics Lee's Pharmaceutical US China

Biotech companies have emerged as RHEI Pharma & Jian An Access Pharma Pharma the frontrunners in the ever-changing US China global pharma landscape. The Simcere Pharma BMS China US emerging bio-pharma convergence is Evotec AG Zhejiang Jingxin Germany China simply a part of this change. A spate ProMetic Life Sciences Allist Pharmaceuticals of mega alliances of major pharma Canada China companies underscores the growing ProteoTech Inc. Tasly Pharmaceuticals US China need for pharma companies to Transposagen Biopharma Charles Rive r Laboratories diversify their portfolio with targeted US China biologic drug products. The emerging Ascenta Therapeutics Ascentage Pharma US China gateway for Asian pharmaceuticals to Sirnaomics Undi sclosed US China successfully combine growth in biotech with the need of pharma is via Amarillo Biosciences Intas Pharmaceuticals US India bio-generics or modified follow-on Glenmark Sanofi-Aventis India France biologics. With growing confidence Biocon Pfizer in the region’s capabilities, synergistic India US alliances shall become more and more common.

Key alliances in India and China

Development alliance between China’s leading generic supplier, Simcere Pharma with US drug maker Bristol-Myers Squibb for potential anti-cancer treatment

Global marketing alliance between India’s Biocon with the world’s largest drug-maker Pfizer for commercialisation of its insulin bio-similar.

Bio-similar: evolution or revolution?

Where conventional therapeutics fail in meeting Bio-similar dynamics are far more clinical needs, biologics are considered to bring a sea challenging than traditional pharma, change in the pharmaceutical industry evident in the requiring significant investments and risks, consequent development of biosimilars and forcing producers to make careful selections increased use of biologics in cancer, immunity and on protein classes, building up new orphan diseases worldwide. competencies and developing new models for cooperation. Countries and enterprises Asia, being the primary market, accounts for 20% of across Asia are picking up this challenge and the world sales of off-patent biologics (USD 20 the world is coming to give them a hand! billion). With more investment opportunities, this 2010 hosted the warmest handshake – world’s number is expected to increase considerably for both largest drug maker, Pfizer with India’s Biocon for a pharmaceutical and generic companies. USD 350 million global agreement to market a bio-similar of insulin for diabetes.

Big Pharma: Eli Lilly (US), MSD (US), Astra Zeneca (US), Pfizer (US)

Large Generics: Teva (Israel), Sandoz (Swiss), Stada

Emerging Markets Biosimilar players: Biocon (India), Wockhardt (India), Interlong (China), Shantha Biotech (India), Dr Reddys (India)

Small Biotech: Cangene (Canada), Phage

Investment Capability (US), Crucel (NL)

Developmental expertise

Why Asia? A large home-based market, growing demand for cheaper biologics, low cost manufacturing and access to home grown and international expertise. Competitors in the small-molecule generics markets, companies from India and China may be classified as emerging biosimilar developers.

The Indian bio-similars market in 2008 was worth USD 200 million and is expected to reach USD 580 million by 2012. Key bio-similar enterprises like Dr Reddy’s, Cipla and Biocon along with other significant players like Ranbaxy, Wockhardt, Intas, Shantha Biotech and Bharat Biotech are already in advanced stages of bio-similar development, a fact evidenced by investments and alliances with large pharma over the last three years.

The Chinese biopharmaceutical market has evolved from USD 1.85 billion in 2001 to a USD 4.6 billion market in 2006 and is expected to have touched USD 8 billion in 2010. Chinese companies have been potential candidates for acquisitions or partners in licensing deals. China’s R&D capabilities and pool of intellectual expertise makes it an important location for early bio-similar development and marketing. Bio- similar companies like 3SBio and Shanghai Celgen have seen investments by international pharma.

Bio -similars : Level of penetration Level of penetration 1 – 5

China 4.0 India 4.0 S America 3.4 Europe (C&S) 3.3 EU 3.3 US 2.5

- 0. 5 1. 0 1. 5 2. 0 2. 5 3. 0 3. 5 4. 0 4. 5

Source: Business Insights Survey, 2010

Often overshadowed by the success of India and China, South Korea, Singapore and Taiwan have also identified biopharmaceuticals as one of the future engines for economic growth. South Korea has seen significant activity in the development of bio-similars from drug development efforts of Samsung, LG Life Sciences, Mycenax and Celltrion.

Outlook

Even with funding constraints, fading product pipelines and limited development successes, the quest for cure, has kept the biotech industry alive. A healthy mix of internal and external innovation will boost the biotech industry’s growth potential, allow for deeper market penetration and above all result in affordable healthcare for all.

The year 2011 is likely to see heightened levels of collaboration with a frenzy of inward bound interest in Asia and other emerging markets. Challenging times inspire creativity. Uncertainties may continue, but will only add to this challenge.

Appendix - Asia Biotech M&A’s 2010

Month Acquirer Country Target Country

Dec-10 Elder Pharmaceuticals India Elder Biomeda AD Bulgaria Mar-10 Chief Respect (Dragon) China Dragon Pharmaceutical Canada Jun-10 Piramal healthcare ltd India Biosyntech Canada Jan-10 Nycomed International Germany Techpool Bio-Pharma China Jan-10 BioMerieux SA France Meikang Biotech China Jan-10 China Life Insurance China Sino Biopharmaceutical China Apr-10 Charles River Laboratories International China Wuxi pharmatech China Jun-10 China Forestry Inc China Hanzhong Hengtai Biotech China Jul-10 Cipla India Bio Mabs China Sep-10 Huifeng Bio-Pharmaceutical china Shangqiu Kexin Rutin China Oct-10 Sanofi-Aventis SA France BMP Sunstone Corp China Jan-10 Ranbaxy India Biovel Lifesciences pvt ltd India Jan-10 Subhkam Ventures India Nagarjuna Agri Tech India Apr-10 Coramandal International India Pasura Biotech India Apr-10 Biocon SA Spain Biocon Biopharmaceuticals India Apr-10 Orbimed Advisors PE, India Bharat Serum Vaccines India Apr-10 Piramal Healthcare India Anaesthetics (Bharat Serum) India Apr-10 Accel Partners and Kitven PE Mitra Biotech Pvt Ltd India May-10 Blue Cross Generics India Socrus Bio Science Ltd India May-10 Origin Agritech china Shandong Kunfeng Biochemical India Jul-10 Cipla India Mabpharm India Aug-10 Daiichi Sankyo Japan Zenotech Laboratories India Dec-10 Sanofi-Aventis France Novartis(Chiron Behring Vaccines) India Dec-10 Evolvence Life Sciences PE, India Fermenta biotech India Dec-10 Strides Arcolab India Inbiopro Solutions India Aug-10 XTL Biopharmaceuticals Israel BioGAL Ltd Israel May-10 Beijing Yu Sheng Tang China Nihon Seiyaku Kogyo Japan Jun-10 Sosei Group Corp. (Japan) Japan Activus Pharma Japan Sep-10 Mitsui & Co Japan Govt research firm Japan Dec-10 Rallis india India Metahelix Malaysia Jan-10 Commonwealth Biotechnologies US GL Biochem Singapore May-10 BioTime Inc. US ES Cell International Singapore Aug-10 Green Leaf Pharmaceutical china A-Bio Pharma Singapore Sep-10 Lupin India Generic Health Pty Ltd Singapore Feb-10 Stem Cell Therapy International US Histostem South Korea May-10 GlaxoSmithKline US Dong-A Pharmaceuticals South Korea Jun-10 CrystalGenomics Inc. South Korea BexPharm South Korea Jan-10 Eisai Co Japan AkaRx Inc. US Apr-10 GL Biochem South Korea Commonwealth Biotechnologies US May-10 Astellas Pharma Japan OSI Pharmaceuticals US May-10 New Technologies & Phage Singapore Phage Biotechnology Corp. US Aug-10 Lambda Therapeutic Research India Biovail's Corporation US

Month Alliance Partner I Country I Alliance Partner II Country II

Dec-10 Ascenta Therapeutics Inc. US Ascentage Pharma Group Corp. Ltd. China Dec-10 Cytori Therapeutics Inc US Astellas Pharma Inc. Japan Dec-10 Adamis Pharmaceuticals Corp US Beximco Pharmaceuticals Ltd Bangladesh Dec-10 Oncolys BioPharma Inc. Japan Bristol-Myers Squibb Co. US Dec-10 Anaphore Inc. US Mitsubishi Tanabe Pharma Corp. Japan Dec-10 Immunovaccine Inc. US OncoTherapy Science Inc. Japan Dec-10 Sirnaomics Inc. US Undisclosed Chinese company China Nov-10 BioWa Inc. Japan Agensys Inc Japan Nov-10 ProMetic Life Sciences Inc. Canada Allist Pharmaceuticals Inc. China Nov-10 Simcere Pharmaceuticals Group China Bristol-Myers Squibb Co. US Nov-10 Transposagen Biopharmaceuticals Inc. US Charles River Laboratories China Nov-10 SanBio Inc. US Dainippon Sumitomo Pharma Co. Ltd. Japan Nov-10 Forma Therapeutics Inc. US Eisai Inc. Japan Nov-10 3SBio Inc. China EnzymeRx LLC UK South Nov-10 Iljin Life Science Co. Ltd. Isotechnika Pharma Inc. Canada korea Nov-10 Guangdong Techpool Bio-Pharma Co. Ltd China Nycomed A/S Switzerland Nov-10 Evotec AG Germany Shionogi & Co. Ltd. Japan Nov-10 ProteoTech Inc. US Tasly Pharmaceuticals Co. Ltd. China Nov-10 Evotec AG Germany Zhejiang Jingxin Pharmaceutical Co. Ltd. China Oct-10 Pfizer Inc. US Biocon Ltd. India Oct-10 Stemedica International SA Switzerland AnC Bio S Korea Oct-10 Dyax Corp US CMIC Co. Ltd. Japan Oct-10 International Stem Cell Corp. US Insight Bioventures India Private Ltd. India Oct-10 Envoy Therapeutics Inc. US Takeda Pharmaceutical Co. Ltd. Japan Oct-10 Millennium Pharmaceuticals Inc. US Therasis Inc. and Takeda Pharmaceutical Japan Oct-10 BioDelivery Sciences International Inc. US TTY Biopharm Co. Ltd. Taiwan Sep-10 Kinaxo Biotechnologies GmbH Germany Daiichi Sankyo Co. Ltd. Japan Sep-10 Orexo AB Sweden Newbridge Pharmaceuticals Dubai Sep-10 Concordia Pharmaceuticals Inc. US Ono Pharmaceutical Co. Ltd. Japan Sep-10 Onyx Pharmaceuticals Inc. US Ono Pharmaceutical Co. Ltd. Japan Sep-10 DM Corp. India ORF Genetics Iceland Sep-10 Acucela Inc. US Otsuka Pharmaceutical Co. Ltd. Japan Sep-10 Access Pharmaceuticals Inc. US RHEI Pharmaceuticals Inc. and Jian China Sep-10 Stallergenes SA France Shionogi and Co. Ltd. Japan Sep-10 Genzyme Corp. US Teijin Pharma Ltd. Japan Aug-10 iPS Academia Japan Inc. Japan Axiogenesis AG Germany Aug-10 3SBio Inc. China Isotechnika Pharma Inc. Canada Aug-10 Xcellerex Inc. US SK Chemicals Co. Ltd. S Korea Aug-10 Emergent BioSolutions Inc. US Temasek Life Science Ventures Pte Ltd. Singapore Jul-10 MediGene AG Germany Astellas Pharma Inc. Japan Jul-10 Aestus Therapeutics Inc. US Eisai Co. Ltd. Japan Jul-10 International Stem Cell Corp. US Insight Bioventures India Private Ltd. India Jul-10 Uluru Inc. US Jiangxi Aiqilin Pharmaceuticals Group China Jul-10 United Therapeutics Corp. US Lee's Pharmaceutical Holdings Ltd. China Jul -10 EUSA Pharma Inc. UK Ohara Pharmaceutical Co. Ltd. Japan Jul -10 United Therapeutics Corp. US Lee's Pharmaceutical Holdings Ltd. China

Month Alliance Partner I Country I Alliance Partner II Country II Jul-10 Nitto Denko Corp. (Japan; FSE:ND5) Japan Quark Pharmaceutical Inc. US Jul-10 International Stem Cell Corp. US Sankara Nethralaya India Jul-10 International Stem Cell Corp. US Sristi Biosciences Ltd. India Jul-10 Raptor Pharmaceutical Corp. US Uni Pharma Co. Ltd. Taiwan Jun-10 Aestus Therapeutics Inc. US Astellas Pharma Inc. Japan Jun-10 WisTa Laboratories Ltd. Singapore Bayer Schering Pharma AG Germany Jun-10 SymBio Pharmaceuticals Ltd. Japan Cephalon Inc US Jun-10 Biovail Corp. Canada Kyowa Hakko Kirin Co. Ltd. Japan May-10 Optimer Pharmaceuticals Inc US Biocon Ltd. India May-10 Asterand plc UK Eisai Co. Ltd. Japan May-10 MediGene AG Germany GC-Rise & JS Bio Pharm China May-10 Millennium Pharmaceuticals Inc. Japan Janssen Pharmaceutical KK Japan May-10 BioDelivery Sciences International Inc. US Kunwha Pharmaceutical Co. Ltd. S Korea May-10 AndroScience Corp. US Orient Europharma Co. Ltd. Taiwan May-10 Glenmark Pharmaceuticals SA India Sanofi-Aventis Group SA France May-10 Clinical Data Inc. US Santen Pharmaceutical Co. Ltd. Japan Apr-10 Medivir AB Sweden Daewoong Pharmaceutical Co. Ltd. S Korea Apr-10 Medivir AB Sweden Daewoong Pharmaceutical Co. Ltd. S Korea Apr-10 Ipsen SA France Invida Group Singapore Apr-10 Napo Pharmaceuticals US Luye Pharma Group Ltd. China Apr-10 Labopharm Inc. Canada Nippon Shinyaku Co. Ltd. Japan Apr-10 BioSeek LLC US Ono Pharmaceutical Co. Ltd. Japan Apr-10 Medinox Inc. US Orient Europharma Co. Ltd. Taiwan Apr-10 Metabolex Inc. US Takeda Pharmaceutical Co. Ltd. Japan Apr-10 International Stem Cell Corp. US Veritas Corp. Japan Mar-10 Omeros Corp. US Asubio Pharma Co. Ltd. Japan Mar-10 Amarillo Biosciences Inc. US Intas Pharmaceuticals Ltd. India Mar-10 Solasia Pharma KK japan Kyowa Hakko Kirin Co. Ltd. Japan Mar-10 Sinovac Biotech Ltd. China Parenteral Biotech Ltd. India Mar-10 Ranbaxy Laboratories Ltd. India Pfenex Inc. US Feb-10 3SBio Inc China Ascentage Pharma Group Ltd. China Feb-10 Basilea Pharmaceutica AG Switzerland Astellas Pharma Inc. Japan Feb-10 Delcath Systems Inc. US ChiFu Trading Co. Ltd. Taiwan Feb-10 QRxPharma Ltd. Australia China Aoxing Pharmaceutical Co. Inc. China Feb-10 Curis Inc. (CRIS) and Chugai Pharmaceutical Japan F. Hoffmann-La Roche Ltd. Switzerland Feb-10 Orexo AB and Kyowa Hakko Kirin Co. Ltd. Japan Hisamitsu Pharmaceutical Co. Ltd. Japan Feb-10 Vivalis France Kyoto Biken Laboratories Inc. Japan Feb-10 3SBio Inc. China Panacor Bioscience Ltd. Taiwan Feb-10 Optomagic Co. Ltd. South Korea Shenogen Pharma Group China Feb-10 SanBio Inc. US Teijin Ltd. Japan Jan-10 VaxInnate Corp. US Biological E. Ltd. (India) India Jan-10 Morningside Asia Venture Ltd. China Can-Fite BioPharma Ltd. Israel Jan-10 Jubilant Biosys Ltd. India DiscoveRx Corp. US Jan-10 Reata Pharmaceuticals Inc. US Kyowa Hakko Kirin Co. Ltd. Japan Jan-10 Dicerna Pharmaceuticals Inc. US Kyowa Hakko Kirin Co. Ltd. Japan Jan-10 New Summit Biopharma Co. China PacGen Biopharmaceuticals Corp. Canada Jan-10 WuXi AppTec Inc. China Qiagen NV Netherlands Jan-10 MorphoSys AG Germany Shionogi & Co. Ltd. Japan

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