June 1, 2018 Source: Ddu 244
Merck & Co, developer of Gardasil and Gardasil 9 which recently got approved by Chinese authorities, have earned millions of dollars for their Zhifei Biological Products. It has also spurred two Chinese families into Bloomberg’s ranking of the world richest people.
Jiang Rensheng, chairman of Zhifei Biological Products, boasted a net worth of about $4.6 billion on Wednesday as share price puffed-up the value of his stakes, according to reports it has helped him to achieve the 41st richest in China and 415th on the worldwide in Bloomberg Billionaires Index and the brand new drug entrepreneur to manage growing the company into the ranks of the world's richest.
Last May, when Gardasil cleared local regulatory review the company has witnessed its stock price more than double from about 20 Chinese yuan ($3) to more than 46 yuan Wednesday, just a few weeks after the new version of Gardasil 9, laddered its own nod.
Back in 2012 the company signed the deal with Merck Co and was the sole provider for the vaccine in China when Gardasil got approval. In an emendation of that deal, Zhifei Biological agreed to buy $85.6 million worth of Gardasil in 2017 and $ 217 million in 2018.
Revenues at Zhifei in the first quarter, skyrocketed more than fourfold to 838 million Yuan ($130.7 million) as the first full quarter it’s been selling Gardasil, while its profits payable to shareholders also leveled-up more than 330%. At the same time, Merck also enjoyed 24% Gardasil franchise sales growth to $660 million.By Ddu
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