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.
Alphabet Inc’s Google on Tuesday announced plans to buy a New York office building for US$2.1 billion, confirming its push into the US’ largest city despite the COVID-19 teleworking trend. This is the largest real-estate purchase in the US for an office building since the beginning of the global spread of COVID-19, the Wall Street Journal quoted Real Capital Analytics as saying. Google already rents the premises in Manhattan, which are located on the site of a former railroad terminal in the Hudson Square neighborhood. The Silicon Valley giant envisions a campus with a total surface area of 160,000m2 by mid-2023
Cash-strapped developer China Evergrande Group (恆大集團) has begun repaying investors in its wealth management products with real estate, said Hengda Real Estate Group Co Ltd (恆大地產), its main unit. Evergrande, with more than US$300 billion in liabilities, is in the throes of a liquidity crisis that has left it racing to raise funds to pay its many lenders and suppliers. It has a bond interest payment of US$83.5 million due on Thursday. The company said on WeChat on Saturday that investors interested in redeeming wealth management products for physical assets should contact their investment consultants or visit local offices. Financial news outlet Caixin on
‘CORE VALUES’: The contract chipmaker did not specify why the employees were dismissed, but media reports said they had leaked information about customer orders Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has fired seven of its employees for violating the company’s “core values,” the world’s largest contract chipmaker said yesterday. While the company did not disclose exactly why it fired the seven employees, local media reports earlier in the day said that the employees had leaked confidential information about customer orders. In a statement, the company said that it fired the seven at once, adding that it released an internal notice last week to inform the entire company of the move ahead of the four-day Mid-Autumn Festival holilday, which ended on Tuesday. TSMC said it fired the seven
MILD ADJUSTMENT: Two previous efforts failed to curtail mortgage financing, although the new measures should not affect property prices, the central bank governor said The central bank yesterday tightened credit controls for second-home mortgages in specific areas and purchases of plots of land, especially in industrial parks. However, the nation’s top monetary policymaker kept its policy rate at a record-low 1.125 percent for the sixth consecutive quarter, despite revising up its GDP growth forecast for this year from 5.08 percent to 5.75 percent. “Board members factored in economic uncertainty at home and around the world,” central bank Governor Yang Chin-long (楊金龍) said, adding that growing inflationary pressure was a temporary phenomenon induced by bad weather and a low base effect for oil prices. International fuel price increases