In a complicated deal, Welichem Biotech of Canada ended its attempt to buy back China rights to a topical psoriasis treatment from Shenzhen Celestial Pharma and Beijing Wenfeng Tianji Pharma. The company explained that China authorities have not given their approval to the deal, and the Board decided approval was not likely. Welichem originally sold China rights to WBI-1001 in September 2004 in exchange for a $1.5 million investment by Celestial in Welichem.
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