![]() China ranked second in the world in terms of the number of newly reported tuberculosis patients last year. Orion Holdings signed a memorandum of understanding with the two companies in May for the business in China. ![]() First on the list to be manufactured by the joint venture are Sugentech’s test kits for tuberculosis and Genomictree’s test kits for colorectal cancer. Orion Holdings will function as a bridge that helps Korean biopharmaceutical companies export their products to China. Shandong Lukang Pharmaceutical will manufacture Korean biologic products for sale in China by the joint venture. Its sales last year were 620 billion won. It manufactures around 500 products and exports to 50 countries. Shandong Lukang Pharmaceutical is a mid-sized pharmaceutical company with around 1.5 trillion won ($1.3 billion) in market capitalization. The two sides held a ceremony for the signing of the agreement virtually on Thursday. Orion Holdings will own 65 percent of the joint venture and the Chinese company will own the rest. Orion Holdings announced Friday it signed an agreement with Shandong Lukang Pharmaceutical to form a joint venture in China. ![]() Orion Holdings, parent company of Choco Pie manufacturer Orion, made its first foray into the biopharmaceutical industry through a partnership with a state-run Chinese company. Orion Holdings CEO Hur Inn-chul, left, and Shandong Lukang Pharmaceutical President Peng Xin during a ceremony celebrating the signing of the two companies’ plan to establish a joint venture. ![]()
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