(Yicai) Aug. 8 -- Shares of Buchang Pharmaceuticals advanced after the traditional Chinese medicine maker announced it would grant Goodfellow Pharma Corporation exclusive rights to distribute its new anemia drug in the Philippines.

Buchang’s stock [SHA: 603858] climbed as much as 4.2 percent intraday and closed 0.5 percent higher at CNY18.12 (USD2.50) in Shanghai today, buoyed by the company’s expanding international reach.

The Shandong-based company said yesterday it signed a supply deal with Goodfellow, a Pasig-based retailer of traditional Chinese medicine, to exclusively distribute its self-developed efparepoetin alfa injection in the Southeast Asian country. The value of the agreement was not disclosed due to business confidentiality.

Efparepoetin alfa is a Category-1 biological drug, meaning it is registered as a new drug for the first time in China. It is intended for use in adult dialysis patients already receiving erythropoietin therapy -- another anemia treatment for patients with chronic kidney disease. According to Buchang, no similar drug has yet been approved for sale in China.

Goodfellow will handle regulatory registration, clinical trials, marketing, distribution, and sales of the product in the Philippines, as well as bear the associated application costs.

Buchang said the partnership marks a key step in globalizing its portfolio of innovative biomedicines. By leveraging collaboration, licensing, and authorization, the firm aims to accelerate the commercialization of its research and development achievements and maximize product value. However, market entry remains contingent on regulatory approval in the Philippines, it added.

As of June, a Buchang subsidiary had invested about CNY500 million (USD69.5 million) in the development of the drug, which has completed clinical trials and is awaiting domestic market approval.

Editor: Emmi Laine