Chi-Med JV gets $59.5m land compensation payment

Shanghai Hutchison Pharmaceuticals – Hutchison China MediTech’s 50:50 prescription drug joint venture with a subsidiary of Shanghai Pharmaceuticals Holding Co – has received US$59.5 million from the Shanghai government under the terms of their December 2015 land compensation agreement.

As announced on 9 December 2015, SHPL and the Shanghai government entered into the compensation agreement for the surrender of SHPL’s remaining 35 year land-use rights on its approximately 58,000 square metre old factory site 12 kilometres northwest of Shanghai city centre.

The site was re-zoned in 2014 from industrial use into usage as a new science and technology, commercial and residential development area.

Story provided by