NeoStem, Inc. (NBS) said its China subsidiary, Suzhou Erye Pharmaceutical, was granted SFDA approval for omeprazole 20mg capsules. Omeprazole is a proton pump inhibitor prescribed to treat peptic ulcer disease and gastroesophageal reflux disease. The drug is on China's National Medical Reimbursement Insurance List, making it eligible for insurance reimbursement.
NeoStem acquired a 51% interest in Erye in October 2009. It says that omeprazole is the first of seven drugs awaiting approval. The market for the product, while crowded, is very large, which it thinks will give it ample opportunity to capture a share. Erye plans to launch the product this summer.
Suzhou Erye Pharma is a 50-year old pharmaceutical company that forecast $60 million in revenue and $12 million of net income in 2009. The company boasts a portfolio of 100 products on seven cGMP lines, which it markets exclusively in China.
Disclosure: none.
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