(Yicai Global) Aug. 28 -- Hong Kong-based Jacobson Pharma’s stock price soared 17 percent in the morning after it penned an agreement to distribute a Covid-19 vaccine in Hong Kong and Macau.
Jacobson and heavyweight Shanghai Fosun Pharmaceutical Group signed a letter of intent on cooperation yesterday, the pair announced separately the same day. Fosun will supply Jacobson with 10 million dosages of a coronavirus vaccine when it comes onto the market for Jacobson to supply in Hong Kong and Macau. The supply cost and sales price of the target vaccine are as yet unknown, the announcement noted.
Jacobson’s stock [HKG:2633] was up 6.2 percent at HKD1.37 (18 US cents) in midafternoon after vaulting over 17 percent in the morning. Fosun Pharma [SHA:600196; HKG:02196] traded 6.74 percent up at CNY56.22 (USD8.10) in Shanghai after the lunch break and 0.30 percent higher at HKD33.25 (USD4.29) in Hong Kong.
Fosun and Germany’s Nasdaq-listed BioNTech will jointly develop the vaccine based on mRNA nucleic acid technologies, the pair announced in March. Fosun has secured exclusive rights for market development and sales of this jab in the Chinese mainland, Hong Kong, Macau and Taiwan.
This inoculant is undergoing smooth development. The US government agreed last month to buy 100 million dosages of the shot when it becomes available and is likely to buy up to another 500 million. The UK government will procure 30 million.
Jacobson is a major generic drug supplier specialized in research and development, production, distribution, sales and logistics, its website states.
Editor: Ben Armour