NovaMed Pharma Books $5 Million in Venture Capital
by Richard Daverman, PhD
ChinaBio Today
Atlas Venture Backs Chinese Commercialization Company
NovaMed Pharmaceuticals Inc., a Shanghai-based company that provides commercialization services to pharmaceutical companies, received a $5 million infusion of venture capital from Atlas Venture. Atlas Venture, which manages $2.5 billion worth of investments worldwide, has invested in a total of almost 100 life-science companies.
Calling itself a one-stop shop, NovaMed has two distinct operations. In its short, two-year history, the company has set up a nation-wide distribution network in China’s notoriously fragmented distribution systems. The company has a sales force of 90 professionals that is growing, and a product portfolio of drugs that address diabetes, respiratory, urology and central nervous system diseases.
In addition, NovaMed provides outsourced services for research and development and for regulatory approval in China. The company has assumed responsibility for several mid to late stage drugs that were acquired from around the world. NovaMed’s portfolio includes drugs that were already commercially available in China, other products that were approved in international market but not available in China, and in-licensed drugs in late-stage development. NovaMed intends to eventually extend this model from China to other drug centers, including India and South Africa.
NovaMed was formed by Mark Lotter and Bo Y Shao. Lotter, who is President and CEO, was Vice President of Commercial operations for AstraZeneca China, an operation that tripled its revenues to $280 million in three years. Previously, Lotter had been CEO of Aspen Pharmacare in South Africa, a generic drug manufacturer with $500 million in sales and 3,500 employees.
Bo Shao, Co-Founder and Chairman of NovaMed, was the founder and CEO of EachNet, a dominant consumer website in China that was sold to eBay in 2003. He is also a venture partner with Matrix Partners and a Co-Founder of BabyTree.
Earlier this year, NovaMed signed an agreement with Dr. Reddy’s Laboratories of India to distribute Dr. Reddy’s two oncology products in China. The company also has the right of first refusal on upcoming oncology drugs from Dr. Reddy’s (RDY). Additionally, NovaMed secured the right to be the exclusive distributor of MEDA’s products in China. MEDA is a leading European pharma, with products that treat diabetes, respiratory disease and pain control.
RELATED READING:
- Transparency is Goal for Chinese FDA
- China Executes ex-SFDA Head
- China in Need of Good Crisis Counseling
ChinaBio Today is a regular contributor to BioHealth Investor
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ChinaBio Today
Atlas Venture Backs Chinese Commercialization Company
NovaMed Pharmaceuticals Inc., a Shanghai-based company that provides commercialization services to pharmaceutical companies, received a $5 million infusion of venture capital from Atlas Venture. Atlas Venture, which manages $2.5 billion worth of investments worldwide, has invested in a total of almost 100 life-science companies.
Calling itself a one-stop shop, NovaMed has two distinct operations. In its short, two-year history, the company has set up a nation-wide distribution network in China’s notoriously fragmented distribution systems. The company has a sales force of 90 professionals that is growing, and a product portfolio of drugs that address diabetes, respiratory, urology and central nervous system diseases.
In addition, NovaMed provides outsourced services for research and development and for regulatory approval in China. The company has assumed responsibility for several mid to late stage drugs that were acquired from around the world. NovaMed’s portfolio includes drugs that were already commercially available in China, other products that were approved in international market but not available in China, and in-licensed drugs in late-stage development. NovaMed intends to eventually extend this model from China to other drug centers, including India and South Africa.
NovaMed was formed by Mark Lotter and Bo Y Shao. Lotter, who is President and CEO, was Vice President of Commercial operations for AstraZeneca China, an operation that tripled its revenues to $280 million in three years. Previously, Lotter had been CEO of Aspen Pharmacare in South Africa, a generic drug manufacturer with $500 million in sales and 3,500 employees.
Bo Shao, Co-Founder and Chairman of NovaMed, was the founder and CEO of EachNet, a dominant consumer website in China that was sold to eBay in 2003. He is also a venture partner with Matrix Partners and a Co-Founder of BabyTree.
Earlier this year, NovaMed signed an agreement with Dr. Reddy’s Laboratories of India to distribute Dr. Reddy’s two oncology products in China. The company also has the right of first refusal on upcoming oncology drugs from Dr. Reddy’s (RDY). Additionally, NovaMed secured the right to be the exclusive distributor of MEDA’s products in China. MEDA is a leading European pharma, with products that treat diabetes, respiratory disease and pain control.
RELATED READING:
- Transparency is Goal for Chinese FDA
- China Executes ex-SFDA Head
- China in Need of Good Crisis Counseling
ChinaBio Today is a regular contributor to BioHealth Investor
______________
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