Drug maker TTY Biopharm Co (台灣東洋藥品) is mulling acquiring its Vietnamese partner as the company eyes overseas mergers as a way to boost its sales next year.
The company is considering the acquisition because Vietnam is the country with the highest economic growth in Southeast Asia and its local partner has a strong marketing team, TTY chairman Clark Hsiao (蕭英鈞) told reporters on Tuesday.
Sales of TTY Biopharm’s cancer drug Lipodox have seen high demand in the country, Hsiao said.
The potential acquisition is part of the company’s strategy to strengthen its retail networks in South Korea, Vietnam and the Philippines next year and increase sales, Hsiao said.
“We will try to enter two to three new countries every year,” he said.
TTY Biopharm plans to either set up a subsidiary in South Korea or buy a local company, Hsiao said.
In 2016, the company plans to enter Eastern Europe, South America and the Middle East, Hsiao said.
The company is also open to any cooperation with international partners, he said.
From January through last month, the company posted revenue of NT$2.66 billion (US$84.8 million), down 1.51 percent from NT$2.7 billion the previous year.
After Hsiao took office on June 24, the company reported a profit of NT$95.89 million, or earnings per share of NT$0.39, last quarter, more than double the NT$25.48 million, or earnings per share of NT$0.11, the previous quarter and up from losses of NT$5.85 million, or losses per share of NT$0.03 per share, the previous year.
Hsiao attributed the profit increase to the company’s effort to improve its product portfolio. He said operating profit next quarter would be significantly higher than the NT$422.98 million estimated for this quarter.
TTY Biopharm sold 1.65 million shares of drug developer PharmaEngine Inc (智擎) this quarter, Hsiao said.
The company does not have any plans to sell more of its PharmaEngine shares, he added.
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