Mapi Pharma raises $10m from Chinese investor
Chinese company Zhejiang Jingxin also invested $10 million in Mapi in 2016.
Teva’s revenue from Copaxone totaled $463 million in the third quarter, down 44%, compared with the corresponding quarter last year, as a result of the introduction of a generic competitor. Copaxone accounted for 10% of Teva’s revenue during the quarter.
Mapi is earmarking the money from its new financing round for development of two new products: one for treatment of schizophrenia and one for treatment of pain. The company previously tried to hold an IPO on Nasdaq, but missed the window of opportunity, and did not return to this plan after Mylan’s investment.
Marom said, “Mapi Pharma developed a model for cooperation with Chinese companies that leverages the capabilities of both sides. Zhejiang Jingxin’s investment is part of a products development agreement, and Mapi will provide Zhejiang Jingxin with support for registration, production, and marketing of the product in the Chinese market. Mapi will continue developing another exclusive product for Zhejiang Jingxin for the Chinese market, and will hold the intellectual property and marketing rights for the new product in the global market.”
Published by Globes, Israel business news – en.globes.co.il – on November 5, 2018