Beijing Jialin, Luye deal

Luye Pharma terminated its proposed acquisition of a majority stake in Beijing Jialin. The company did not disclose reasons for terminating the acquisition, which was contingent on several conditions. Beijing Jialin markets drugs for cancer and CV disorders, including A Le, a powder formulation of atorvastatin (see BioCentury, Sep. 1, 2014).

Last month, China’s People’s Supreme Court invalidated a patent covering crystalline formulations of Lipitor atorvastatin from Pfizer Inc. (NYSE:PFE, New York, N.Y.) following a challenge from Beijing Jialin. A ruling favorable to Beijing Jialin was among the conditions for Luye’s acquisition of the equity stake (see BioCentury, May 11). ...