ChromaDex Corp. (NASDAQ:CDXC) ("the Company") a global bioscience company dedicated to healthy aging, today announced it has entered into an agreement (the "JV Agreement") to establish a joint venture through its wholly owned subsidiary ChromaDex Asia Limited (the "JV" or "ChromaDex Asia"). Upon establishment of the JV, membership of ChromaDex Asia will collectively consist of the Company; Crystal Lake Developments Limited; Pioneer Idea Holdings Limited; and Hong Kong Taikuk (China) Group Limited. ChromaDex Asia is expected to assume the distribution agreement noted in a previous announced press release with Sinopharm Xingsha ("Sinopharm") as it relates to the commercialization of Tru Niagen® in mainland China and its territories, excluding Hong Kong, Macau and Taiwan (the "Territory"). The JV's entry into a distribution agreement will be contingent upon Sinopharm successfully attaining health food product registration for Tru Niagen® with the People's Republic of China's State Administration for Market Regulation ("SAMR"). SAMR is the regulatory body responsible for health food registration. Health food registration is a key regulatory step required to be able to broadly market and distribute Tru Niagen® products in China. Formation of the joint venture is subject to customary closing conditions.
"The establishment of this joint venture marks an expansion milestone in ChromaDex's China strategy and sets the necessary foundation to advance sales of Tru Niagen® in this key market," said Rob Fried, CEO of ChromaDex. "We are honored to extend our professional relationship with existing strategic partners, as well as our new partner in this venture, Taikuk."
For detailed transaction terms, see 8-K (filed on May 19, 2022).