PRINCETON, N.J. and NANJING, China, June 14, 2013 /PRNewswire/ -- Bristol-Myers Squibb Company (NYSE: BMY) and Simcere Pharmaceutical Group (NYSE: SCR), a leading pharmaceutical company in China, today announced that the companies have expanded their strategic relationship formed in 2010. The companies have agreed to collaborate in China on the development and commercialization of the subcutaneous (SC) formulation of Bristol-Myers Squibb's biologic medicine, Orencia® (abatacept), for the treatment of rheumatoid arthritis. Orencia SC is already on the market for the treatment of rheumatoid arthritis in the U.S., Europe and Japan.
Under the terms of the agreement, Simcere will perform and fund all development and regulatory activities required to obtain market approval for Orencia SC in China, based on a pre-agreed development plan. The companies will share responsibility for commercializing Orencia, and will share profits and losses related to Orencia SC in China. Financial terms were not disclosed.
"Orencia SC is the third program in our R&D collaboration with Bristol-Myers Squibb, underscoring our joint commitment to our broad strategic partnership," commented Mr. Hongquan Liu, the CEO of Simcere. "Combining Orencia SC with our existing portfolio in rheumatoid arthritis treatment, we are committed to delivering more innovative and effective medicines to Chinese patients."
Mr. Hongquan Liu further commented, "Moving forward, we will continue to execute on our partnering strategy and to bring in more late-stage programs and products already approved outside of China, to complement our R&D pipeline and strengthen our in-market portfolio."
"We are pleased to partner with Simcere on Orencia SC, moving beyond our companies' original focus on early development activities to a partnership focused on the clinical development and commercialization of one of our currently marketed products," said Beatrice Cazala, executive vice president, Commercial Operations. "If successful, not only could Orencia SC bring a new option to Chinese patients suffering from rheumatoid arthritis, but also it could become Bristol-Myers Squibb's first biologic medicine for the Chinese market."
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.
About Simcere Pharmaceutical Group
Simcere Pharmaceutical Group (NYSE: SCR, Simcere) is a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China. Simcere concentrates its research and development efforts on the treatment of diseases with high incidence and/or mortality rates and for which there is a clear demand for more effective therapy, including cancer, strokes, cardiovascular diseases, infectious diseases and pain. For more information about Simcere Pharmaceutical Group, please visit http://www.simcere.com.
Bristol-Myers Squibb Forward Looking Statement
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee that Orencia SC will become a commercially successful product in China. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb's business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2012, its Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Simcere Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions. These forward looking statements are based upon management's current views and expectations with respect to future events and are not a guarantee of future performance. Furthermore, these statements are, by their nature, subject to a number of risks and uncertainties that could cause actual performance and results to differ materially from those discussed in the forward-looking statements as a result of a number of factors. Further information regarding these and other risks is included in Simcere's filing with the U.S. Securities and Exchange Commission at http://www.sec.gov. Simcere does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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SOURCE Simcere Pharmaceutical Group