Dongbao Pharma to inject $15 mln into Beijing subsidiary
Shanghai. December 7. INTERFAX-CHINA - Tonghua Dongbao Pharmaceutical Co. Ltd. on Dec. 7 announced plans to inject RMB 99.36 million ($14.94 million) into its wholly-owned subsidiary, Beijing Dongbao Pharmaceutical Co. Ltd.
The injection will boost the subsidiary's registered capital from RMB 1 million ($150,040) to RMB 100 million ($15.04 million). The remaining RMB 366,500 ($55,121) will be held as additional paid-in capital.
Dongbao Pharma will use the funds to set up production lines for recombinant human insulin injection which have an annual capacity of 120 million units and comply with U.S. and EU Good Manufacturing Practice (GMP). Construction is expected to take two years.
Based in Tonghua City, Jilin Province, Dongbao Pharma is one of the few domestic companies able to compete with foreign firms like Novo Nordisk and Eli Lilly in human insulin products, and holds an approximate 10 percent share of the China market.