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ChromaDex Signs Sinopharm Xingsha Agreement to Accelerate Cross-Border Sales of Tru Niagen® into Mainland China
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ChromaDex Corp. (NASDAQ: CDXC) has signed a distribution agreement with Sinopharm Xingsha to enhance cross-border sales of Tru Niagen in China. This partnership aims to amplify brand awareness and secure Health Food Registration in the region, as part of their recent Joint Venture. Currently valued at $700 million in annual sales, the NAD+ supplement market in China is projected to exceed $1.5 billion by 2024. Tru Niagen is backed by scientific research and regulatory approvals across various regions, positioning ChromaDex to capitalize on China's aging population.
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Signed distribution agreement with Sinopharm Xingsha to boost sales in China.
China's NAD+ supplement market projected to grow from $700 million in 2021 to over $1.5 billion by 2024.
Tru Niagen is supported by 20 clinical trials and has multiple regulatory approvals in major markets.
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Under the distribution agreement, all cross-border operations in the region will be transitioned to Sinopharm, with Sinopharm investments to amplify Tru Niagen® brand awareness, as a first step in ChromaDex’s recently announced China Joint Venture agreement
LOS ANGELES--(BUSINESS WIRE)--
ChromaDex Corp. (NASDAQ:CDXC) (“the Company”) a global bioscience company dedicated to healthy aging, today announced a signed distribution agreement with Sinopharm Xingsha to accelerate cross-border sales of Tru Niagen® into mainland China. Tru Niagen® features ChromaDex’s proprietary Niagen® (patented nicotinamide riboside or NR) ingredient, which is the world’s most efficient NAD+ (nicotinamide adenine dinucleotide) precursor on the market, particularly over NMN (nicotinamide mononucleotide). Sinopharm Xingsha is the main platform of Sinopharm Group for food supplements and healthcare products and is a subsidiary of Sinopharm Group, with businesses including pharmaceutical manufacturing, marketing and distribution of drugs, and food supplements and healthcare products. Sinopharm Group is a large healthcare group directly under the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, with a full value chain in the industry covering R&D, manufacturing, logistics and distribution, retail chains, healthcare, engineering services, exhibitions and conferences, international business, and financial services. In line with ChromaDex’s recent China Joint Venture announcement, Sinopharm Xingsha will collaborate to secure Health Food Registration in China.
ChromaDex CEO, Rob Fried, signs Sinopharm Xingsha distribution agreement (Photo: Business Wire)
“We are delighted to announce the official launch of our partnership with Sinopharm Xingsha which will support accelerated cross-border sales of Tru Niagen® across mainland China,” said Rob Fried, CEO of ChromaDex. “China’s marketplace remains strategically important with more than 260 million people over the age of 60 and it is our intention to become the leading provider of NAD+ boosting supplements in the market.”
According to a recently commissioned “Sizing the Market for NAD+ Supplements in China” report by Euromonitor, white space is considerable ― growing from a standing start in 2018 to annual NAD+ sales in excess of $700 million in 2021, with leading NMN brands each capturing approximately $30 to $50 million of retail sales. The report further estimates that NAD+ sales will reach in excess of $1.5 billion in 20241.
“ChromaDex is a global leader in the NAD+ supplement market, and Tru Niagen® is a product endorsed by strong science,” said Pan Lei, General Manager of Sinopharm Xingsha. “We are very honored to have this strategic cooperation with ChromaDex to jointly bring this excellent product to the Chinese consumers. Going forward, Sinopharm Xingsha will leverage its advantages and expertise in brand incubation, promotion, marketing, online and offline channel construction, registration of imported health supplements, etc., to offer a full range of services to support the brand promotion and sales channel development of Tru Niagen® products in China.”
Tru Niagen® is currently available for sale to Chinese consumers on several cross-border online and marketplace platforms, primarily through T-mall, and JD. Under terms of the agreement, ChromaDex’s existing cross-border activity in this region will be transitioned to Sinopharm Xingsha in a coordinated effort to accelerate growth of Tru Niagen® by leveraging Sinopharm’s established infrastructure, and marketing capabilities. The expansion of Tru Niagen® will be supported by the introduction of a new premium Tru Niagen® SKU, which will be launched in the future. Tru Niagen® is also available in over 200 Watsons stores in Hong Kong and Macau, as well as over 100 Watsons stores in Singapore.
Tru Niagen®, featuring Niagen®, is one of the top-selling brands in the Vitamin B3 category on Amazon U.S. for boosting NAD+ levels. Supplementation with Niagen® is backed by 20 published and peer-reviewed clinical trials. Niagen® has achieved regulatory acceptance for use in supplements by the US FDA. Additionally, Niagen® has been approved for use in food supplements by the European Commission, complementary medicines by the Therapeutic Goods Administration of Australia (TGA), medical foods by the Brazilian Health Regulatory Agency (ANVISA), and medical foods by the Food Standards Australia New Zealand (FSANZ). Tru Niagen® has also been approved by Health Canada as a Natural Health Product. ChromaDex continues to lead the industry in NAD+ research, with the ChromaDex External Research Program (CERPTM) celebrating over 250 material transfer agreements (MTAs) featuring Niagen® and other proprietary ingredients.
Important Note on Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements with respect to the partnership, the amplification of brand awareness and the acceleration of cross-border sales of the Products in China, and the estimates of NAD+ sales. These forward-looking statements are based upon the Company’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with the satisfaction of customary closing conditions related to the Agreement and obtaining the health food registration. Additional risks and uncertainties relating to the Company and its business can be found under the caption “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission and other filings submitted by the Company. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, or changes in its expectations after the date of this press release.
About Sinopharm Holding and Sinopharm Xingsha:
Sinopharm Xingsha Pharmaceuticals (Xiamen) Co., Ltd. (“Sinopharm Xingsha”) is a subsidiary of Sinopharm Group Co., Ltd. ("Sinopharm Group ", 01099.HK) with a history of 70 years. Sinopharm Xingsha is the health supplement division of Sinopharm Group, a top 100 Chinese nutrition and health consumer brand enterprise, and a key pharmaceutical enterprise in Fujian Province, China. Xingsha Vitamin D has won the honor of "No. 1 in the comprehensive statistical ranking of China's OTC products in vitamin category” for many consecutive years. Sinopharm Holding Co., Ltd. ("Sinopharm Holding", 01099.HK) was established in Shanghai in January 2003 and listed in Hong Kong in September 2009. It has now become the largest distributor and retailer of drugs, healthcare products and medical devices, as well as a leading supply chain service provider in China. Its parent company China National Pharmaceutical Group Corporation ("CNPGC") was ranked 109 in the 2021 Fortune Global 500 and Sinopharm Holding was ranked 22nd in the 2021 Fortune China 500. For the drug distribution segment, Sinopharm Holding firmly grasped the industry transformation trend brought about by volume based procurement ("VBP") policies, and has promoted the transformation of drug distribution by continuously tapping the scale advantage of its distribution network.
About Tru Niagen®:
Tru Niagen® is a branded dietary supplement brought to market by key nicotinamide riboside innovator and patent holder, ChromaDex. Niagen® nicotinamide riboside (NR), also supplied by ChromaDex, is the sole active ingredient in Tru Niagen®. Multiple clinical trials demonstrate Niagen® is proven to boost NAD+ (nicotinamide adenine dinucleotide) levels, which decline with age. Only Niagen® has twice been successfully reviewed under FDA's new dietary ingredient (“NDI”) notification program and has also been successfully notified to the FDA as generally recognized as safe (“GRAS”).
About ChromaDex
ChromaDex Corporation is a global bioscience company dedicated to healthy aging. The ChromaDex team, which includes world-renowned scientists, is pioneering research on nicotinamide adenine dinucleotide (NAD+), an essential coenzyme that is a key regulator of cellular metabolism and is found in every cell of the human body. NAD+ levels in humans have been shown to decline with age, among other factors, and may be increased through supplementation with NAD+ precursors. ChromaDex is the innovator behind NAD+ precursor nicotinamide riboside (NR), commercialized as the flagship ingredient Niagen®. Nicotinamide riboside and other NAD+ precursors are protected by ChromaDex’s patent portfolio.
The Company delivers Niagen® as the sole active ingredient in its consumer product Tru Niagen® available at www.truniagen.com and through partnerships with global retailers and distributors. The Company also develops and commercializes proprietary-based ingredient technologies and supplies these ingredients as raw materials to the manufacturers of consumer products. The Company further offers natural product fine chemicals, known as phytochemicals, and related research and development services. Follow us on Twitter @ChromaDex and Instagram @TruNiagen and subscribe to our latest news via our website accessible at www.chromadex.com to which ChromaDex regularly posts copies of its press releases as well as additional updates and financial information about the Company.
1 Based on a custom research report from Euromonitor International. The report was conducted from March 2022 to May 2022 for mainland China only. The definition of NADsupplements include all related products such as NMN, NR, NA, NAM, compound type (e.g., NAM+NADH) etc. The core methodology adopted by Euromonitor International combines secondary research and trade interview with industry experts to seek industry consensus. The forecast market size does not take unpredictable changing policy into consideration.
What is the significance of the distribution agreement between ChromaDex and Sinopharm Xingsha?
The distribution agreement enables ChromaDex to accelerate cross-border sales of Tru Niagen in China, a key market for NAD+ supplements.
How is the market for NAD+ supplements projected to change in China?
The NAD+ supplement market in China is expected to grow from $700 million in 2021 to over $1.5 billion by 2024.
What is Tru Niagen and why is it significant for ChromaDex?
Tru Niagen is a leading NAD+ supplement backed by multiple clinical trials, and its growth potential in China is significant due to the aging population.
What are the expected benefits of the partnership with Sinopharm Xingsha for ChromaDex?
The partnership aims to enhance brand awareness and facilitate regulatory approval processes in China, leveraging Sinopharm's established infrastructure.
How does Tru Niagen stand out in the market?
Tru Niagen is unique for being the only NAD+ precursor backed by extensive scientific research and has received multiple regulatory approvals across different regions.
