China Medical System, a Shenzhen company that makes and distributes drugs in China, offered $11 million for a 77% stake in Midatech Pharma of the UK. Midatech is a drug delivery company. CMS will have China rights to two Midatech candidates, MTD201 and MTX110, along with rights to any other drugs it develops in the next three years. As part of the agreement, CMS will agree to not pursue a hostile Midatech takeover. Midatech shareholders must approve the share sale.
Source: China Biotoday
