Vita Genomics Inc (賽亞基因科技), Taiwan’s biggest genomics-based biotechnological and biopharmaceutical company, aims to double its profits this year through the acquisition of domestic testing facilities and partnerships with global drug makers, company executives said yesterday.
The New Taipei City-based company recorded a modest NT$103 million (US$3.3 million) in net income last year, translating into earnings per share of NT$2.37, according to the company’s Web site.
The figures represent an end to 13 years of losses after the unlisted company last year recruited Vita Genomics general manager Eddy Hsieh (謝春成), who introduced a financial restructuring plan and shut down unprofitable businesses.
Hsieh also helped the company recognize intangible assets, including establishing a database among other innovations, the company said.
The process of reinvention is set to continue, with a capital increase plan slated for June, with which the company hopes to raise about NT$800 million by issuing 60,000 common shares priced at NT$13 per share, Hsieh said.
The capital injection is almost twice the current capitalization of NT$460 million.
Domestic and foreign hedge funds have voiced interest in purchasing the 13-year-old company’s stock.
“Vita Genomics plans to use the money to develop into a healthcare services provider, integrating firms in the supply chain,” Hsieh said.
The company is set to increase its pharmaceutical partners from four to seven and has inked three-year cooperation agreements with five global drug makers, Vita Genomics said, without disclosing details.
The partnerships are set to allow the company to move into the companion test business, boosting its corporate value, Hsieh said.
In Taiwan, Vita Genomics has struck acquisition deals with five genomics testing facilities and is in talks to buy a large pathology-testing laboratory later this year, the company said.
“The testing business should be a key profit driver this year after the integration,” Hsieh said.
The testing business now generates NT$200 million in revenue, the company said, adding that the amount is expected to double in the second quarter and approach NT$600 million in the second half.
In addition, Vita Genomics has built strong relationships with research institutions and medical organizations throughout the nation.
The company is an active participant in modernizing the nation’s healthcare system and is establishing the infrastructure needed to add molecular profile information to the National Health Insurance IC card.
Vita Genomics is also plans set up a healthcare team that would help conduct annual checkups of students and workers at schools and private companies, the company said, adding that the venture could generate another NT$100 million in revenue.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
CHEMICAL FIRE: 10 Indian employees were injured by smoke inhalation at a Tata Electronics plant in Tamil Nadu state that produces components for Apple Inc At least 10 people received medical treatment, with two hospitalized after a major fire on Saturday disrupted production at a key Tata Electronics Pvt Ltd plant in southern India that makes Apple Inc’s iPhone components. The fire occurred at the plant in the city of Hosur in Tamil Nadu state that makes some iPhone components. It broke out near another building inside the Tata complex, which was to begin producing complete iPhones in the coming months. The fire was contained to one building and has been extinguished fully, top district administrative official K.M. Sarayu said. No decision has been made on when
RSS