PharmaPrint Plans Joint Venture in Asia
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Irvine-based PharmaPrint Inc., which develops natural medicines and dietary supplements from plant extracts, said Monday it is planning a joint venture with a Chinese conglomerate to sell a wide array of herbal and nutritional food products in Asia.
While specific terms of the proposed deal with China New Industries Investment Co., Ltd. were not disclosed, PharmaPrint said it will contribute exclusive rights to its priority technology and will own 51% of the new entity, which will be headquartered in China. The deal is expected to be finalized by Jan. 31.
“We see this exciting joint venture entity as our gateway into China and the Asia Pacific region where the herbal and nutritional food market potential is enormous,” PharmaPrint Chief Executive C. Richard Piazza said.
PharmaPrint lost more than $45 million over the past four years but generated revenue for the first time last year as the manufacturer of Centrum Herbals, a line of natural vitamins for American Home Products Corp.
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