Genesis invests in China's Liang Fang
Genesis Equity Partners, a subsidiary of the Genesis Technology Group, has acquired an equity interest in Liang Fang Pharmaceuticals, a Chinese drug development, medical device and retail firm. Genesis Equity Partners will also receive ongoing consulting fees for coordination and oversight of the company's business activities.
According to reports, Liang Fang grossed over $15.8 million in revenues and almost $2.6 million in net profits in 2005. For the past three fiscal years combined, Liang Fang's revenues exceeded a total of $31.2 million and, based on its first-quarter 2006 sales, the company predicts turnover of $20.0 million this year.
In addition, Liang Fang's leading product valsartan, a generic version of Novartis' Diovan, could grow to dominate the Chinese blood pressure drug market, says Genesis.
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