November 30, 2017
Herbalife and Tasly Holding Group to Form HT Innovations LP in U.S. as Joint Venture
To further advance healthier living through good nutrition, global nutrition company Herbalife Nutrition announced it has entered into a framework agreement with Tasly Holding Group, a Chinese healthcare corporation.
Herbalife CEO Rich Goudis, CFO John DeSimone and Chairman of Herbalife China Dr. Qun Yi Zheng joined Chairman of Tasly Holding Group Xijun Yan, Executive Chairman Kaijing Yan, CFO Fucai Pei and General Manager of International Strategic Investment and M&A Dr. Lei Gao for the signing ceremony of a framework agreement. This agreement, pending approval by the Chinese regulatory agencies, will lead to the formation of a joint venture between Herbalife Nutrition and Tasly in the United States.
The joint venture is anticipated to create a conduit to develop and commercialize consumer health products based on Tasly’s portfolio of formulations, patents and clinical studies, while leveraging Herbalife Nutrition’s scientific, regulatory and commercial development expertise. Moreover, Herbalife expects its worldwide network of independent distributors to provide an opportunity to bring the joint venture’s products to a global market.
“We are honored to form a joint venture with Tasly, a leading developer of health products and services in China,” said Goudis. “Our philosophies of improving the wellness of our communities are completely aligned, and we expect this new joint venture will significantly expand the distribution of important nutrition products around the globe.”
Herbalife began China operations in 2005 and now operates three facilities in Nanjing, Changsha and Suzhou, currently producing 60 million units annually. The company is licensed to operate in 28 provinces, employs more than 1,300 people in China, and has approximately 60,000 service providers and approximately 270,000 sales representatives.
“We believe the combination of Tasly’s research and development capabilities, clinical trial skills and Herbalife’s global distribution network outside of China, along with the two firms’ high-end quality control standards, will bring the best health products to consumers,” said Kaijing Yan.
Incorporated in 1994, Tasly Holding Group is a high-tech healthcare corporation with headquarters in Tianjin, China, with a company philosophy of “seeking for harmonization between human and nature, and improving humankind’s life quality” and a company mission “to share the joy of health with all.” Tasly Holding Group conducts several businesses under its subsidiaries, including pharmaceuticals, pharmacies, health services and health management, and consumer health products. Tasly has also created an industrialized platform for product innovation and digitalized intelligent manufacturing. The company has more than 20,000 employees worldwide.