Weixinkang announced that due to significant changes in industry policies and the market environment, the company and AFT Pharmaceuticals have mutually agreed to terminate the Exclusive Licensing Agreement signed on September 27, 2024. Under the agreement, Zhongwei Chengkang was originally granted an exclusive license to develop, sell, and commercialize the acetaminophen and ibuprofen injection in mainland China. Within three business days after signing the termination agreement, Zhongwei Chengkang must permanently destroy or delete all relevant materials provided by AFT, and AFT will refund the initial payment of 300,000 US dollars already made.
Tibet Weixinkang Medicine Co LtdTermination of exclusive licensing agreement due to industry policy changes, losing rights to develop and commercialize the product in China.
As the licensee, Zhongwei Chengkang loses exclusive rights and must destroy materials, with refund of initial payment.