Peregrine sets up Chinese subsidiary

California,USA-based Peregrine Pharmaceuticals, a clinical-stage biopharmaceutical company developing targeted therapeutics for the treatment of cancer and hepatitis C virus infection, has established a wholly-foreign-owned enterprise in the People's Republic of China. The new company, Peregrine Beijing Pharmaceuticals Technology Development, is located in Beijing.

"The Chinese pharmaceutical market is currently the ninth largest in the world and is growing rapidly, doubling in size in the past five years with continued robust expansion expected," said Steven King, chief executive of Peregrine. "China therefore represents an important strategic market opportunity for Peregrine, and our new wholly-owned subsidiary will give us the opportunity to leverage our products and technology in this market. China also represents a tremendous resource for drug discovery and development, and we intend to explore all options for the development of our product candidates in China," he added.

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