Generic drug developer Syngen Biotech Co (生展生技) said yesterday that it aims to increase its market share of antibiotic mupirocin from 10 percent to between 20 percent and 30 percent in the near future.
The global market for mupirocin is worth about US$228 million a year, the firm said.
“We purchased the technology and patents of mupirocin, and our manufacturing process has evolved significantly after making the drug for four to five years,” Syngen Biotech chairman Chen Wei-jen (陳威仁) said.
There are three companies making the drug around the world, while other firms are reluctant to enter the market because of its high entry barrier, Chen said.
Sales of mupirocin accounted for 13 percent of Syngen Biotech’s revenue of NT$387 million (US$12.6 billion) from January through September, the firm said, adding the drug has the highest gross margin of all its products.
The company is also developing mupirocin calcium, a similar antibiotic used in the nasal cavity and set to enter the market in 2016, Chen said.
Meanwhile, by cooperating with Sichuan Cangbao Cordyceps Sinesis Biotechnology (四川藏寶蟲草生技), the company successfully raised caterpillar fungus this year, Chen said, adding that the fungus is sold for 6,000 yuan (US$960) per 22.4g.
The company, set to start trading its shares on the Emerging Stock Market today, has capital of NT$171 million and it reported earnings per share of NT$1.22 in the first nine months of the year.
Last year, the company reported revenue of NT$275 million, earnings per share of NT$0.85.
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