Immtech and Beijing Pharma explore alliance

New York, USA-based Immtech Pharmaceuticals has signed a memorandum of  understanding confirming its interest in exploring the development of a  strategic alliance with Beijing Pharmaceutical Group Co. The MOU  confirms the intention of BPGC to consider a range of collaborative  global business development opportunities with Immtech.

The latter is one of the largest state-owned pharmaceutical and medical  device conglomerates in China. It develops, manufactures and sells  Chinese and western medicines, bio-medicines, health products,  pharmaceutical raw materials and medical and drug manufacturing  equipment. BPGC had annual sales of over $2.0 billion in 2008.

The strategic alliance would give BPGC rights to develop drugs from  Immtech's extensive proprietary library of compounds. Many of these have  been designed to target high-prevalence diseases such as hepatitis C and  malaria, which are devastating infectious diseases that result in  millions of deaths each year around the world. The strategic alliance  would also allow BPGC to leverage Immtech's extensive network of  international relationships to gain access to patented technologies as  well as advantageous sales and distribution channels in the USA, the  Middle East, Africa, Europe and other locations.