SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT FOR ISSUERS SUBJECT TO THE
1934 ACT REPORTING REQUIREMENTS
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
October 29, 2014
Date of Report
(Date of Earliest Event Reported)
Tianyin Pharmaceutical Co., Inc.
(Exact name of registrant as specified in its charter)
Delaware | 000-52236 | 20-4857782 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
23rd Floor, Unionsun Yangkuo Plaza, No. 2, Block 3
South Renmin Road
Chengdu, P. R. China, 610041
(Address of principal executive offices (zip code))
+011-86-28- 8551-6696
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a - 12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13d-4(c))
Section 1 - Registrant’s Business and Operations
Item 1.01. Entry into a Material Definitive Agreement
Cooperation Framework Agreement
On October 29, 2014, Shandong Buchang Pharmaceutical Co., Ltd. (“Shandong Buchang”), Chengdu Tianyin Pharmaceutical Co., Ltd. (“Chengdu Tianyin”, which is Tianyin Pharmaceutical Co., Inc.’s (“TPI” or the “Company”) indirect wholly-owned subsidiary), Grandway Group Holdings Ltd. (“Grandway Group”, which is TPI’s indirect wholly-owned subsidiary) and Guoqing Jiang (“Jiang”) (each, a “Party”, and collectively “Parties) entered into a Cooperation Framework Agreement Regarding Chengdu Tianyin Pharmaceutical Co., Inc. (“Cooperation Framework Agreement”). Pursuant to the Cooperation Framework Agreement, the Parties agreed to establish a joint venture, Qionglai Tianyin Pharmaceutical Co., Ltd. (“Qionglai Tianyin”), with the total registered capital of RMB 200,000,000, with Chengdu Tianyin owning 95% and Shandong Buchang owning 5%. Shandong Buchang’s capital investment in Qionglai Tianyin took the form of RMB 10 million (approximately USD $1.67 million), and Chengdu Tianyin’s capital investment in Qionglai Tianyin took the form of its GMP-certified assets, land use rights and real estate properties, machineries and equipment of its old plant located at Longquan, all of its patents and trademarks, and its portfolio drugs collectively valuated at approximately RMB 190 million (approximately USD $63.33 million) (the “Assets”). Specifically, the Assets include the following:
(1) | Patents |
No. | Patent Number | Application Date | Term | |||
1 | ZL2006100780225 | 04-30-2006 | 20 years | |||
2 | ZL2011202130891 | 03-22-2001 | 10 years | |||
3 | ZL2011202130849 | 06-22-2011 | 10 years | |||
4 | ZL2011202130497 | 06-22-2011 | 10 years | |||
5 | ZL2011202130919 | 06-22-2011 | 10 years | |||
6 | ZL2011202130459 | 06-22-2011 | 10 years | |||
7 | ZL201120213068X | 06-22-2011 | 10 years | |||
8 | ZL2011202130463 | 06-22-2011 | 10 years | |||
9 | ZL2011202130586 | 06-22-2011 | 10 years | |||
10 | ZL2006300093163 | 04-10-2006 | 10 years |
(2) | Copyright |
No. | Registration Number | Term | Category | |||
1 | 4193960 | 11/07/2007-11/06/2017 | 5 | |||
2 | 4875727 | 14/01/2009-13/01/2019 | 5 | |||
3 | 4070399 | 07/01/2007-06/01/2017 | 5 | |||
4 | 4070400 | 07/01/2007-06/01/2017 | 5 | |||
5 | 3845200 | 14/10/2005-13/10/2015 | 30 | |||
6 | 3845199 | 28/04/2006-27/04/2016 | 5 | |||
7 | 4628981 | 14/09/2008-13/09/2018 | 5 | |||
8 | 4636852 | 28/08/2008-27/08/2018 | 5 | |||
9 | 4636855 | 28/08/2008-27/08/2018 | 5 | |||
10 | 4636853 | 21/10/2008-20/10/2018 | 5 | |||
11 | 4082693 | 07/05/2007-06/05/2017 | 5 | |||
12 | 4070410 | 07/01/2007-06/01/2017 | 5 | |||
13 | 3845198 | 28/06/2006-27/06/2016 | 5 | |||
14 | 4694061 | 07/02/2009-06/02/2019 | 5 | |||
15 | 4901369 | 21/01/2009-20/01/2019 | 5 | |||
16 | 4901368 | 21/01/2009-20/01/2019 | 5 | |||
17 | 4922236 | 28/06/2009-27/06/2019 | 5 |
2 |
No. | Registration Number | Term | Category | |||
18 | 4922238 | 28/06/2009-27/06/2019 | 5 | |||
19 | 4922237 | 28/06/2009-27/06/2019 | 5 | |||
20 | 5218671 | 07/07/2009-06/07/2019 | 5 | |||
21 | 6194557 | 28/02/2010-27/02/2010 | 5 | |||
22 | 6194554 | 28/03/2010-27/03/2020 | 5 | |||
23 | 6196900 | 07/03/2010-06/03/2020 | 5 | |||
24 | 6563197 | 07/04/2010-06/04/2020 | 5 | |||
25 | 6408222 | 28/03/2010-27/03/2020 | 5 | |||
26 | 6408221 | 28/03/2010-27/03/2020 | 5 | |||
27 | 6408220 | 28/02/2010-27/03/2020 | 5 | |||
28 | 6408223 | 28/03/2010-27/03/2020 | 5 | |||
29 | 6408224 | 28/03/2010-27/03/2020 | 5 | |||
30 | 6196899 | 07/03/2010-06/03/2020 | 5 | |||
31 | 6221726 | 06/03/2010-06/03/2020 | 5 | |||
32 | 6221725 | 07/03/2010-06/03/2020 | 5 | |||
33 | 6563195 | 07/04/2010-06/04/2020 | 5 | |||
34 | 6221728 | 07/03/2010-06/03/2020 | 5 | |||
35 | 6563196 | 07/04/2010-06/04/2020 | 5 | |||
36 | 4376385 | 14/02/2008-13/02/2018 | 5 | |||
37 | 1126715 | 14/11/2017-13/06/2017 | 5 | |||
38 | 1585098 | 14/06/2011-13/06/2021 | 5 | |||
39 | 4476550 | 07/05/2008-06/05/2018 | 5 |
(3) | Copyright Application In Process |
No. | Registration Number | Application Date | Category | |||
1 | 12125247 | July 21, 2014 | 35 | |||
2 | 12125248 | January 31, 2013 | 35 | |||
3 | 12125249 | January 13, 2013 | 35 | |||
4 | 12125250 | January 31, 2013 | 35 | |||
5 | 12125251 | January 31, 2013 | 35 |
(4) | Land Use Right |
Land Cert No. | Location | Purpose | Area (Square Meter) | Expiration Date | Restrictions | |||||
Qiongguoyong (2011) No. 2481 | Qionglai | Industrial | 33,699.58 | 11/01/2059 | Pledged |
And other 30 mu (approximately 20,000 square meters) of land which had been used by Chengdu Tianyin without a certificate.
(5) | Buildings |
No. | Description | Location | Area (Square Meter) | |||
1 | Scientific Research Center | Qionglai | 5405.33 | |||
2 | Dormitory | Qionglai | 3226.92 | |||
3 | Extract Workshop | Qionglai | 2329 | |||
4 | Power Center | Qionglai | 895.91 | |||
5 | Preparation Workshop | Qionglai | 5684.39 | |||
6 | Storage Room | Qionglai | 5746.5 | |||
7 | Pre-Treatment Workshop | Qionglai | 1909.63 | |||
8 | Paste Collection Workshop | Qionglai | 1489.58 |
3 |
(6) | Medicines |
No. | PRODUCT | CFDA NO. | ||
1 | Ginkgo Mihuan Oral Liquid | H20013079 | ||
2 | Apu Shuangxin, Benorylate Granules | H10970068 | ||
3 | Xuelian Chongcao Oral Liquid | B20020680 | ||
4 | Fukangbao Oral Liquid | Z10983056 | ||
5 | Xiaoyan Lidan Tablets | Z20093681 | ||
6 | Qiju Dihuang Mixture | Z20023391 | ||
7 | Yupingfeng Oral Liquid | Z20023352 | ||
8 | Sanqi Tablets | Z20093512 | ||
9 | Qianggan Syrup | Z20054224 | ||
10 | Kangjun Xiaoyan capsule | Z20090855 | ||
11 | Yinqiao Jiedu Tablets | Z20093555 | ||
12 | Duyiwei Dispersible Tablets | Z20090239 | ||
13 | Baotailing Tablets | Z20093087 | ||
14 | Yiqing Capsules | Z20093084 | ||
15 | Xiaoer Qingre Zhike Oral Liquid | Z20093060 | ||
16 | Tongqiao Biyan Tablets | Z20093063 | ||
17 | Hugan tablet | Z20063054 | ||
18 | Compound Dantong Capsules | Z20093012 | ||
19 | Fuke Zhidai Tablets | Z20083375 | ||
20 | Yanyan Tablets | Z20064406 | ||
21 | Danqi Tablets | Z20064032 | ||
22 | Yanlixiao Capsules | Z20064158 | ||
23 | Kudancao Tablets | Z20064050 | ||
24 | Weikangling Capsules | Z20064060 | ||
25 | Baoxinning Capsules | Z20063957 | ||
26 | Jiangtangning Capsules | Z20063813 | ||
27 | Yankening Tablets | Z20063847 | ||
28 | Gano derma Lucidum Capsules | Z20063833 | ||
29 | Qianbo Biyan Tablets | Z20063837 | ||
30 | Yishengling Granules | Z20063841 | ||
31 | Xiaoyanlidan Tablets I | Z20063864 | ||
32 | Kang Guzengsheng Tablets | Z20063875 | ||
33 | Tianqi Tongjing Capsules | Z20063645 | ||
34 | Yinhuang Capsules | Z20063462 | ||
35 | Chuanxinlian Capsules | Z20063437 | ||
36 | Qianlie Shule Capsules | Z20060030 | ||
37 | Huangbo Capsules | Z20063156 | ||
38 | Qiangli Pipa Oral Liquid | Z20063046 | ||
39 | Dabaidu Capsules | Z20055092 | ||
40 | Huganning Tablets | Z20054697 | ||
41 | Tongbianling Capsule | Z20083424 | ||
42 | Laonian Kechuan Tablets | Z20083360 | ||
43 | Shushenling Capsules | Z20063557 | ||
44 | Qijudihuang Oral Liquid | Z20003098 | ||
45 | Qingre Jiedu Oral Liquid | Z51020066 | ||
46 | Yupingfeng Oral Liquid | Z20003099 | ||
47 | Yinqiao Shangfeng Capsules | Z20003100 | ||
48 | Radix Sophorae Flavescentis Vaginal Effervescent Tablets | Z20050176 | ||
49 | Levofloxacin Hydrochloride Tablets | H20066521 | ||
50 | Azithromycin Dispersible Tablets | H20074143 | ||
51 | Azithromycin Dispersible Tablets | H20074145 | ||
52 | Simvastatin Tablets | H20083478 | ||
53 | Mycophenolate Mofetil Capsules | H20080819 | ||
54 | Fleroxacin Tablets | H20094057 | ||
55 | Ofloxacin Tablets | H20094038 | ||
56 | Clindamycin Hydrochloride Capsules | H20103200 | ||
57 | Clindamycin Hydrochloride Capsules | H20103274 | ||
58 | Gliclazide Tablets | H20113233 |
4 |
(7) | Machineries |
Machineries and equipment of Chengdu Tianyin’s old plant located at Longquan.
Following the execution of the Cooperation Framework Agreement, Qionglai Tianyin was established on November 3, 2014.
Stock Pledge Agreement
In November 2014, Chengdu Tianyin and Shandong Buchang entered into a Stock Pledge Agreement, pursuant to which the parties agreed that Chengdu Tianyin shall pledge its 23% stake of Qionglai Tianyin to Shandong Buchang as its down payment to Shandong Buchang and guarantee of performance of Chengdu Tianyin, Grandway Group and Dr. Guoqing Jiang under the Cooperation Framework Agreement.
Share Transfer Agreement
In November 2014, the Parties entered into a Share Transfer Agreement Regarding Qionglai Tianyin Pharmaceutical Co., Ltd. (“Share Transfer Agreement”). Pursuant to the Share Transfer Agreement, after Chengdu Tianyin has completed the transfer of the Assets into Qionglai Tianyin, Chengdu Tianyin shall transfer 72% of Qionglai Tianyin’s stock to Shandong Buchang at the total price of RMB 144,000,000 (approximately USD $24 million) which shall be paid in installments. Shandong Buchang made the first installment of payment in the amount of RMB 50,000,000 (approximately USD $8.3 million) on April 8, 2015. Chengdu Tianyin and Shandong Buchang are currently negotiating the timeline for the remaining payments.
As of March 13, 2015, Chengdu Tianyin had completed the transfer of 72% of Qionglai Tianyin’s stock to Shandong Buchang. As of the date of this filing, Chengdu Tianyin and Shandong Buchang own 23% and 77% of Qionglai Tianyin, respectively.
Section 2 – Financial Information
Item 2.01. Completion of Acquisition or Disposition of Assets
Disclosures under Item 1.01 above are incorporated hereunder in their entirety.
5 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TIANYIN PHARMACEUTICAL CO., INC. | ||
By: | /s/ Dr. Guoqing Jiang | |
Name: Dr. Guoqing Jiang | ||
Title: Chief Executive Officer | ||
Dated: July 14, 2015
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