The Week in Review: Newsummit Announces $100 Million Medical Device Fund

Newsummit Pharma and the Cleveland Bio Fund established a $100 million effort to help US biomedical device companies commercialize their products in China; Cardinal Health continues to hunt for M&A opportunities in China’s drug distribution sector; Sanjiu Medical and Pharmaceutical paid $65.2 million to acquire four small China pharmas; Guangdong Zhongsheng Pharma will spend $3.1 million to develop three novel drugs; Merck selected a member of WuXi PharmaTech’s board to be its own Chief Strategy Director; Nycomed has bought China marketing rights of an antihistamine from Almirall SA of Spain; the production value of mainland China’s pharmaceutical industry was up 30% in the first seven months of 2011; and Sinovac Biotech received a production license for RabEnd, an inactivated animal rabies vaccine. More details….. Stock Symbols: (NYSE: CAH) (SHE: 000999) (SHE: 002317) (NYSE: MRK) (NYSE: WX) (BMAD: ALM) (NSDQ: SVA)