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Embattled Chinese drug maker to get 43 million dollars in government support


Embattled Chinese drug maker to get 43 million dollars in government support

SHANGHAI:  – A Chinese city government has given 300 million yuan ($43 million) to drug maker Zhejiang Huahai Pharmaceuticals, the company said, after it was recently faulted by U.S. and European regulators overproduction issues at one of its plants.

It described the money as “industrial development assistance funds” in two announcements made through the Shanghai Stock Exchange on Friday and Saturday, but did not say how the funds would be used.

The money was given to Zhejiang Huahai between August and October 11 by the city government of Linhai, where the company is based in the eastern province of Zhejiang, it said on Saturday.

Its public relations department did not respond to telephone calls from Reuters to seek comment on Sunday, a public holiday.

A wholly-owned domestic subsidiary that got some of the money is responsible for drug research and development, manufacturing and the import and export of materials and technologies, Huahai said in its 2017 annual report in March.



Source: Reuters
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