China's Guangxi Wuzhou Zhongheng Group announced plans to buy a 10 percent stake in pharma company Oramed, based out of Israel, for $52 million, according to various reports.
The deal is expected to provide the Chinese drugmaker with exclusive distribution rights to Ormamed's oral insulin following regulatory approval. With its drug delivery technology, Oramed plans to commercialize oral insulin capsules for Type 1 and 2 diabetes. Insulin is currently available in the injectable form.
China is fast emerging as the diabetes capital of the world, with more than 100 million adults already have the disease.