SCHAUMBURG, Ill., July 11, 2011 (GLOBE NEWSWIRE) -- Sagent Pharmaceuticals, Inc. (Nasdaq:SGNT) today announced a development collaboration agreement with Chongqing Lummy Pharmaceutical Company (300006:CH). Details of the agreement are confidential.
"Chongqing Lummy is a well established company with more than 90 marketed injectable products in China," said Jeffrey M. Yordon, chief executive officer, founder, and chairman of the board of Sagent. "They have an established development capability and we look forward to a successful collaboration and our continued growth in regulated markets as well as the Chinese domestic market."
"We are pleased to be working with a partner that has a strong position in the U.S. specialty injectable market," said Qiu Yu, chairman and president Chongqing Lummy Pharmaceutical Company. "Sagent's experienced sales organization as well as its marketing and distribution capabilities will provide us the opportunity to enter the U.S. market."
About Sagent Pharmaceuticals, Inc.
Sagent Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on developing, manufacturing, sourcing and marketing pharmaceutical products, with a specific emphasis on injectable products. Sagent operates a global network of resources, comprised of rapid development capabilities, sophisticated manufacturing and innovative drug-delivery technologies, which quickly yields an extensive portfolio of pharmaceutical products that fulfills the evolving needs of patients.
About Chongqing Lummy Pharmaceutical Co., Ltd
Founded in 1999, Chongqing Lummy Pharmaceutical Co., Ltd. is focused on research, development, manufacture and sale of anti-infective, oncology and nutritional parenteral products.
Forward-Looking Statement
This press release contains a number of forward-looking statements. Words, and variations of words such as "expect," "goals," "plans," "believe," continue," "may," "will," and similar expressions are intended to identify our forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in our forward-looking statements. Please also see our risk factors, as they may be amended from time to time, set forth in our filings with the SEC, including the IPO prospectus filed by Sagent on April 21, 2011 and our most recent 10-Q. Sagent disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.