March 22, 2008 -- Last week, against the backdrop of the heparin scandal, China biotech went about its business of making deals and getting products approved. Tianyin Pharma (OTCBB:TYNP) reported SFDA approval for a generic antibiotic; Medigen Biotech of Taiwan bought the Asian rights to a cancer drug from Oncoloys of Japan for $199 million; Tongjitang (NYSE: TCM) spent $3.5 million to acquire a company with an OTC respiratory drug; 3SBio (NSDQ: SSRX) announced a $20 million stock buyback; Shanghai GenePharma bought a RNAsi patent license from Alnylam (NSDQ: ALNY); Chi-Med (AIM: HCM) reported higher 2007 revenues and a bigger loss; and AstraZeneca (NYSE:AZN) reiterated the importance of China for the company. More details...
