TaiGen Biopharmaceuticals Holdings Ltd (太景醫藥研發控股) turned a profit of NT$1.1 billion (US$39.33 million) last quarter following NT$1.29 billion in payments from China’s Zhejiang Medicine Co (浙江醫藥集團) after transferring the patent of an antibacterial drug, the company said on Wednesday.
Following a first-quarter net loss of NT$43.65 million, TaiGen reported net profit of NT$1.05 billion for the first half of this year, with earnings per share of NT$1.47, compared with losses per share of NT$0.24 a year earlier, the company said in a statement.
The Taipei Exchange-listed company has collaborated with Zhejiang Medicine since 2012, authorizing the Chinese firm to manufacture Taigenxyn (nemonoxacin) capsules and sell them for a royalty in China.
In the spring, the two firms revised their collaboration: TaiGen sold the Chinese patent for Taigenxyn to Zhejiang Medicine, which gave TaiGen one-time payments, the company told the Taipei Times by telephone.
The two firms had planned to jointly apply for marketing approval for Taigenxyn administered by intravenous infusion, but Chinese regulations only allow one company to apply, it said.
“After a long discussion, we decided to sell our patent to Zhejiang Medicine so that the Chinese firm could apply for marketing approval,” TaiGen said.
TaiGen would use the NT$1.29 billion in payments to develop a new antibiotic for a drug-resistant bacterium, it said.
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