Shanghai Pharmaceuticals (SHA:601607) terminated its cooperation agreement with Sinorg Biomedical regarding the novel acid suppressant X842, according to a Saturday filing with the Shanghai bourse.
The partnership would have granted the company's subsidiary exclusive manufacturing and sales rights for X842 in China.
The termination, effective Dec. 5, follows a mutual agreement after a market assessment.
Accordingly, Sinorg Biomedical has refunded the 110 million yuan upfront and milestone payment to Shanghai Pharmaceuticals.
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