Cancer drug maker sold to Chinese group, plus Alibaba founder Jack Ma meets Donald Trump and more
Top business and technology news for January 10, 2017. Part of the daily SupChina news roundup, "Xi Jinping and China’s richest men to attend Davos."
Prostate cancer drug firm sold to China’s Sanpower Group / Reuters
Canada’s Valeant Pharmaceuticals International announced the sale for $819.9 million of its Seattle-based subsidiary Dendreon to Sanpower Group, a Chinese conglomerate with interests in real estate, health care, media, and finance. According to Sanpower’s press release, Dendreon’s “only commercialized product is Provenge, an immunotherapy treatment for prostate cancer treatment approved by the FDA in April 2010.” The new owner intends to increase sales in the U.S. and introduce Provenge to China and other Asian markets. SupChina recently noted that the incidence of prostate cancer among Chinese men is rising by 12 percent annually.
Jack Ma tells President-elect Trump that Alibaba can help create 1 million U.S. jobs / SCMP
U.S. president-elect Donald Trump met Alibaba executive Jack Ma at Trump Tower in New York City on Monday. Speaking to the press after the meeting, the two vowed to create 1 million new U.S. jobs through Alibaba’s ecommerce platform by helping small businesses and farmers sell products to Chinese and Southeast Asian consumers. “Trump’s meeting with Ma sends a positive signal,” commented Fu Mengzi, deputy director of China Institutes of Contemporary International Relations, a think tank closely associated with the Ministry of State Security.
China in 2 minutes a day