Michelle Jarboe McFee has an interesting article about a partnership between Newsummit Pharmaceutical Group, a biomedical company in Shanghai and Cleveland Bio Fund, a venture led by Mr A. Eddy Zai.
Newsummit has received 100 US dollar from Chinese investors. That money will be invested via the Cleveland Bio Fund in companies with U.S. medicines that have been approved by the U.S. Food and Drug Administration and are selling them in the U.S. but have no strategy to enter China. The partnership is also filing for Chinese patents for the medicines that have U.S. patents, Mr Zai was quoted saying.
Ms McFee writes: "Zai said the Cleveland Bio Fund is working with advisors including the Jones Day law firm and accounting firm Ernst & Young in China to navigate the regulatory system and avoid intellectual-property theft, a challenge for foreign companies."
Read Ms McFee's article for Cleveland.com here.