Tanvex’ facility new cGMP facility in San Diego was a key driver for the move according to ScinoPharm spokeswoman Sabrina Wu, who said: “combining resources, products and capital from two parties definitely help ScinoPharm’s competitiveness in biopharmaceutical area and accelerate time-to-market.”
The investment involves the procurement of tangible assets, intellectual properties and cash, however, due to a non disclosure agreement, details of exact amounts have not been revealed.
Dr. Hardy Chan, co-founder and chief scientific officer of ScinoPharm will become the CEO of Tanvex, while the founder of Tanvex, Dr. Allen Chao, will remain as executive chairman of Tanvex.