Quintiles, TLS, PharmCo form commercialization joint venture in Asia Pacific

By Angela McDaniels

Seattle, Jan. 26 - Quintiles Asia Pacific Commercial Holdings Inc., TLS Beta Pte. Ltd. and PharmaCo Investments Ltd. have agreed to form a joint venture to commercialize pharmaceutical products in the Asia Pacific region, according to an 8-K report filed with the Securities and Exchange Commission.

The companies will conduct the joint venture through Asia Pacific Pharmaceutical Holdings Pte. Ltd., a Singapore company.

The joint venture is intended to help drug companies focus their resources on research and development by providing an outsourcing channel for product registration and sales and marketing of their brand portfolios, according to a Quintiles announcement.

The initial share capital of Asia Pacific Pharmaceutical Holdings will be 112 shares: 65 will be issued to TLS, 32 to Quintiles and 65 to PharmaCo. Following the closing of the deal, Quintiles will be issued an additional 33 shares and each company then will own 33% of the joint venture.

According to the SEC filing, each of the companies will provide up to $65 million of financing to Asia Pacific Pharmaceutical Holdings for acquisitions or in-licensing transactions and working capital needs.

The joint venture will be managed by Brian Nichols, chief executive of PharmaLink, which is a subsidiary of PharmCo's parent Interpharma Asia Pacific. Each company will appoint two directors to the board of directors.

The Asia Pacific pharmaceutical market is estimated to be $21 billion, has more than doubled over the last 10 years and is projected to double again over the next 10 years, according to the release.

Quintiles Asia Pacific is an indirect wholly owned subsidiary of Quintiles Transnational Corp. and Pharma Services Intermediate Holding Corp.

TLS is a Singapore company and indirect wholly owned subsidiary of Temasek Holdings (Pte.) Ltd.

PharmaCo Investments Ltd. is a company incorporated in Labuan, Malaysia and an indirect wholly owned subsidiary of Interpharma Asia Pacific.

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