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Dragon Sells EPO Business; Focus on Antibiotic Core Business
Date:11/14/2007

VANCOUVER, Nov. 14 /PRNewswire-FirstCall/ - Dragon Pharmaceutical Inc. (TSX: DDD; OTCBB: DRUG; BBSE: DRP) today announced that it has entered an agreement with an unaffiliated party for the sale of its EPO business which accounted for less than 3% of Dragon's consolidated revenue for the first nine months of 2007. The decision was made based on the studies of the EPO market which showed limited growth potential, if not downward trend, during the next three years. The Company considers this decision an important part of Dragon's ongoing strategy to fully focus on its core business of antibiotic product lines that have shown tremendous growth over the past years.

Over the past three years, Dragon's revenues from antibiotic products increased from $31.23 million for the year of 2005 to approximately $60 million for the first nine months of 2007, reflecting the strong market demand as well as enhanced competitiveness of the Company in antibiotic products. Mainly due to the strong growth of antibiotic products, EPO business only accounted for less than 3% of total revenues for the first nine months of 2007, as compared to 11% of the total revenues for the year of 2005. Since EPO business is no longer a significant and growing component of our product portfolio, the Company decided that it is in the best interests of its shareholders to sell its EPO business and concentrate all its resources on the antibiotic product lines which offered the greatest growth potential.

According to the agreement, the EPO business will be sold for $2.08 million. The transaction is expected to be completed during the fourth quarter of 2007. Because of this disposal, the Company recorded a non-cash impairment charge of $2.64 million during the current quarter related to the write down of the intangible assets and goodwill associated with the Biotech division which was created as a result of the reverse take-over of Dragon Pharmaceutical Inc. by Oriental Wave Holdings Limited
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SOURCE Dragon Pharmaceutical Inc.
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