TaiGen Biopharmaceuticals Holdings Ltd (太景醫藥研發控股) yesterday said that it turned profitable last quarter on the back of a milestone payment of US$5 million for its hepatitis C drug Furaprevir.
TaiGen received the payment from its Chinese partner, Yichang HEC Changjiang Pharmaceutical Co (宜昌東陽光長江藥業), at the end of June after completing the phase II clinical trial in China in April, communication manager Grace Wang (王暄茹) said by telephone.
“The cure rate was good in the phase II trial,” Wang said, adding that the company started the phase III trial in China in June.
“We expect to enroll a total of 360 patients as required by the regulator by the end of this year and hope to complete the trial next year,” she said.
According to their agreement, Yichang would make a milestone payment of US$5 million for each of the following — when TaiGen completes the final-stage trial, submits its application for marketing approval and gains regulatory approval — or a total of US$15 million over the next few years, Wang said.
TaiGen posted a net profit of NT$60.45 million (US$1.92 million) in the second quarter, bringing its total profit in the first half of the year to NT$6.37 million, compared with net losses of NT$122 million a year earlier, company data showed.
That translated into earnings per share of NT$0.01.
Contributing to its first-half performance were sales of the oral version of antibiotic Taigexyn, which surged 258 percent year-on-year after its marketing partner managed to tap into about 200 hospitals in China, Wang said.
TaiGen received marketing approval for the oral formulation in 2016 and expects sales of the drug to continue growing in the following years, she said.
The company is still waiting for Chinese authorities to finish their review of its injectable formulation of Taigexyn, which would generate higher profits as its price would be at least eight times higher than that of the oral formula, Wang said.
The injectable formulation is likely to be more popular as Chinese generally favor it over oral formulations, she said.
STAYING AHEAD: Fitch said that TSMC remains technologically ahead of others, but Samsung is building a new chip fab, while China is investing in its domestic industry As escalating US-China tensions and COVID-19-related production disruptions force US technology supply chains to transform, Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) US$12 billion chip fabrication plant in Arizona would be key to spurring greater US production of core semiconductor components, Fitch Ratings said. “We view the US-TSMC alliance as a first step in building a more autonomous US technology supply chain, given high barriers to entry, specifically related to the significant capital and design capability required for leading-edge semiconductor manufacturing,” Fitch said in a statement on Tuesday. “By working with TSMC, US chipmakers will not face the financial burden of incremental investment
DIVERSIFICATION: Although COVID-19 would push more companies to produce in emerging markets, DBS said that it was unlikely that firms would totally leave China Geopolitical tensions and supply disruptions are expected to accelerate the migration of manufacturing out of China, as concerns about the risk of production concentrated in one country increase, S&P Global Ratings said. Although its economic expansion might be weaker than previous levels due to the accelerated relocation of manufacturing, China’s economic growth would still be stronger than that of most other economies, the ratings agency said. “While absolute growth rates will moderate, we believe China’s economic performance will continue to be a key sovereign credit support,” S&P Global Ratings credit analyst Tan Kim Eng (陳錦榮) said in a statement on Thursday. “Its growth
Taiwan’s corporate landscape has changed significantly over the past 20 years, with Hon Hai Precision Industry Co (鴻海精密) replacing Formosa Plastics Corp (台塑) as the revenue leader, while Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) has emerged as the most profitable firm, a survey of Taiwan’s 50 largest companies published on Tuesday last week showed. The Chinese-language CommonWealth Magazine survey ranked Taiwan’s 50 largest companies based on their revenue last year, and compared them with the results of a similar survey it conducted in 2000. Only 33 companies on the original list remained in this year’s rankings, the survey found, following two
The Financial Supervisory Commission (FSC) would set up new guidance by the end of August to boost corporate governance, insurers’ solvency, green financing, financial technology, the trust industry and information security, new FSC Chairman Thomas Huang (黃天牧) said yesterday. “Corporate governance has been improved in terms of compliance and shareholding disclosure with former chairman Wellington Koo (顧立雄) at the helm. It is time to move to the next phase to focus on companies’ roles in sustainable development,” Huang told a news conference in New Taipei City. The commission would also set policies to incentivize companies to increase green financing and adopt the