Universe Pharmaceuticals INC Enters into Letter of Intent for Strategic Cooperation with Kitanihon Pharmaceutical Co., Ltd.
Ji’an, Jiangxi, China, May 25, 2021 (GLOBE NEWSWIRE) -- Universe Pharmaceuticals INC (the “Company”) (Nasdaq: UPC), a pharmaceutical producer and distributor in China, today announced that the Company entered into a letter of intent on April 23, 2021 (the “LOI”) for strategic cooperation with Kitanihon Pharmaceutical Co., Ltd. (“KP”), a Japanese company engaged in the research, development, manufacturing, and distribution of pharmaceutical and medical products.
Pursuant to the LOI, both parties agree to jointly establish a flagship store on global.jd.com, a popular e-commerce platform in China offering overseas products. The Company agrees to operate the flagship store as an exclusive distributor to sell KP’s products. The Company will distribute KP's products across the Chinese and Southeast Asian markets through international e-commerce channels, to create growth opportunities for both parties. In addition, both parties agree to jointly establish a medical product research and development center (the “Center”) to be named Universe Hanhe Medical Research Institute Co., Ltd. The Center will receive favorable policy treatment from the Chinese government. The Company will utilize its R&D capacity and medicinal resources, and KP agrees to employ its quality control standards and advanced technologies into the development of medical products.
As part of the LOI, upon achieving specific strategic goals, both parties will agree to jointly build a new manufacturing facility (the “Facility”) in accordance with the market access requirements from Japan’s Pharmaceutical and Medical Devices Agency (PMDA). Both parties will work together to ensure the Facility will be recognized as qualified foreign manufacturer of pharmaceutical products and make it a PMDA certified Chinese medicine brand.
Mr. Gang Lai, Chairman and CEO of Universe Pharmaceuticals INC, commented, “We are excited to entered into the LOI for strategic cooperation with KP. Taking advantage of the opportunity of our listing on Nasdaq, we look forward to starting our comprehensive cooperation with KP. We expect to create a China’s ‘Medicine Valley’ and make it a gathering platform for the healthcare industry.”
About Universe Pharmaceuticals INC
Universe Pharmaceuticals INC, headquartered in Ji’an, Jiangxi, China, is a pharmaceutical producer and distributor in China. The Company specializes in the manufacturing, marketing, sales and distribution of traditional Chinese medicine derivatives products targeting the elderly with the goal of addressing their physical conditions in the aging process and to promote their general well-being. The Company also distributes and sells biomedical drugs, medical instruments, Traditional Chinese Medicine Pieces, and dietary supplements manufactured by third-party pharmaceutical companies. Currently, the Company’s products are sold in 30 provinces of China. For more information, visit the company’s website at http://www.universe-pharmacy.com/.
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
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