Tue, Dec 13, 2011 - Page 1 News List

2012 ELECTIONS: Key developments in the Yu Chang case

Compiled by staff

2007

● Jan. 27: Taiwanese scientists hold a meeting in San Francisco and visit Genentech to float the idea of a flagship biotech project with the company.

● Feb. 15: Then-premier Su Tseng-chang (蘇貞昌) approves a plan for the project submitted by then-Council for Economic Planning and Development chairperson Ho Mei-yueh (何美玥), who classifies the document as top-secret to keep information from Taiwan’s competitors.

● March 1: TaiMed Group (TMG) is established, headed by scientists Wong Chi-huey (翁啟惠), David Ho (何大一) and Chen Lan-bo (陳良博). TMG submits a bid to Genentech.

● March 31: TMG holds an investors’ conference.

● April 17: The National Development Fund (NDF) approves the plan submitted by TMG.

● May: Negotiations with Genentech stall when a competitor offers a better price.

● July: TMG invites Tsai Ing-wen (蔡英文), who had resigned as vice premier in May, to join its negotiation team. Negotiations are later relaunched.

● August: Genentech demands the establishment of a fully funded company by Sept. 4.

● Aug. 31: Tsai, then head of Yu Chang Biologics Co’s preparatory office, requests an initial capital deposit from all shareholders, including the NDF.

● Sept. 3: Funding of Yu Chang is in place.

● Sept. 5: Yu Chang Biologics Co completes its company registration with Tsai as its chairperson.

● Sept. 14: Yu Chang signs a deal with Genentech.

● Sept. 21: Yu Chang increases its capital to NT$300 million (then US$9.1 million) after a second phase investment from three private investors — Taiwan Global BioFund (上智生技創投), President International Development Corp (統一國際開發) and TaiMed Group — of NT$40 million each and NT$80 million from the NDF.

● December: Yu Chang completes the third phase of its capital increase with a total capitalization of NT$660 million, including NT$264 million from the NDF.

2008

● May 18: Tsai resigns as chairperson of Yu Chang and TMG after being elected DPP chairperson.

2009

● March 27: Tsai sells all her shares in TMG to Ruentex Group (潤泰集團).

Source: Democratic Progressive Party

This story has been viewed 5345 times.
TOP top