(Yicai Global) Oct. 30 -- Yipinhong Pharmaceutical will cooperate with Taiwan's Center Laboratories to introduce into the mainland 50 categories of children's medicines which the latter developed and licensed in Taiwan.

The company's wholly-owned unit Guangzhou Yipinhong Pharmaceutical signed a framework agreement with oral solution pharmaceutical firm Center Laboratories today, the private pharma company headquartered in Guangzhou, said in a statement today.

The two parties have agreed to invest in and set up a joint venture with registered capital of CNY20 million (USD3 million), of which Yipinhong Pharmaceutical will contribute CNY14 million, while its Taiwanese counterpart will chip in CNY6 million.

The JV will be in charge of review, registration and research and development of these pediatric medications in the mainland, gaining approval for production, and engaging in manufacturing and sales, the statement explained, adding that Center Laboratories will grant exclusive rights to the JV for these purposes.

The statement disclosed no further details as to financial arrangements, merely saying that the medicines include anti-epileptic drugs and treatments for respiratory, gastrointestinal and cardiac diseases.

Center Laboratories is a pioneer in kid's medications and a leader in the treatment of rare pediatric diseases and corresponding drug research and development.

Editor: Ben Armour