Is Former CStone Chairman the Medicine Ailing Hengrui Needs?

Hengrui Medicine started the New Year by naming CStone’s previous top official Jiang Ningjun as its new vice general manager and chief strategy officer. Key Takeaways: By Molly Wen 2022 was a year that pharmaceutical giant Jiangsu Hengrui Medicine Co. Ltd. (600276.SH) would probably rather forget. Its management underwent a major shakeup, leaving its revenue, profit and investor confidence in tatters as its stock fell to a four-and-half-year low. Seeking medicine to reverse its decline, the company unveiled a heavyweight executive move on Jan. 2 with the announcement that Jiang…

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Surging Beigene Catches Case of Forex Flu

The drug maker’s net loss grew in the third quarter due to weakness in the Chinese yuan, even as its revenue nearly doubled Key Takeaways: Surging sales for its two self-developed drugs fueled an 88% rise in BeiGene’s third-quarter revenue, but over $100 million in foreign exchange losses caused its net loss to also widen At a time when many of its peers are cash starved, the company has plenty of money in its coffers and boosted its R&D spending by 21% during the quarter By Molly Wen A strengthening…

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FAST NEWS: CStone Submits New Drug Application, Grants Restricted Shares to Non-Executive Director

The latest: CStone Pharmaceuticals (2616.HK) announced it has reached the primary endpoint of its clinical study for its drug Cejemly to treat relapsed or refractory T-cell lymphoma, and plans to submit a new drug application in the near term to the National Medical Products Administration of China. Separately, Kenneth Walton Hitchner III, a CStone non-executive director and former chairman of Goldman Sachs Asia Pacific, was awarded approximately 394,000 restricted company shares on Dec. 10 last year, according to a Hong Kong Stock Exchange filing. Looking up: If approved in China, Cejemly is…

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