Hi-Tech Pharmaceuticals targets cholesterol-lowering supplements through new JV

NORCROSS, Ga. — Hi-Tech Pharmaceuticals  on Thursday created a joint venture with Chinese conglomerate Shanghai Yongyi Biotechnology to be called Yongyi Hi-Tech Nutraceuticals. The company's mission will be to develop nutritional supplements on a global scale.



The partnership represents the first time that the raw material producer and a finished goods manufacturer have joined together to enter this fast-growing market, the companies stated.



Yongyi Hi-Tech Nutraceuticals is on the verge of signing a licensing and distribution agreement with a large U.S. raw material distributor for its cholesterol-lowering ingredient, Choledrene. Under the terms of the licensing agreement, the U.S. distributor to be named later will supply Choledrene for distribution to dietary supplement manufacturers.



"Yongyi Hi-Tech Nutraceuticals is a supplier of natural supplement ingredients targeting large demographic categories," stated Brandon Schopp, VP sales at Hi-Tech. "The importance of cholesterol management is growing annually in light of new research concerning the cardiovascular benefit of lowering cholesterol. Choledrene has the ability to lower levels beyond levels previously recommended by most physicians. A clinically proven, proprietary ingredient, such as Choledrene is clearly a much sought after product and carries a distinct advantage when targeting this burgeoning cholesterol-lowering market."