8-K 1 f8k102914_tianyinpharma.htm CURRENT REPORT

 

 

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

 

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(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.

 

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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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