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news.Amgen and Zhejiang Beta Pharma have signed an agreement to form a joint venture (JV) to commercialize Amgen's Vectibix (panitumumab) in the Chinese market.
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As per the agreement, the new JV will be named Amgen-Beta Pharmaceuticals and Zhejiang Beta Pharma will own 51% while Amgen will own the remaining 49% interest in the JV.
The JV will benefit from Zhejiang Beta Pharma’s expertise in the development of molecularly targeted therapies and oncology sales network in the country.
Amgen executive vice president Anthony Hooper said that the JV brings the company one step closer to providing Chinese patients with its medicines and supports its strategy of expanding in key, fast-growing markets.
Zhejiang Beta Pharma chairman Lieming Ding said that the company’s partnership with Amgen will be of long-term strategic significance not only for its Province, but also for the whole medical community in China.
"We share Amgen’s passion for developing molecularly targeted therapies for unmet medical needs, and are confident that together we can help many Chinese patients who suffer from colorectal cancer," Ding added.