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news.GlaxoSmithKline has signed an exclusive co-operation agreement with Shenzhen Neptunus Interlong Bio-Technique, a Chinese developer of cytokine therapeutic drugs and vaccines, as a preliminary step in forming a joint venture between the two companies.
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The agreement outlines the proposed terms for establishing a joint venture (JV) company, which will seek to co-develop seasonal influenza vaccines and pre-pandemic or pandemic influenza vaccines, firstly targeting against strains of the virus specific to China, Hong Kong and Macau.
Formation of the JV company will remain conditional until a number of conditions are fulfilled. Upon formation, GlaxoSmithKline (GSK) expects to make a cash contribution of approximately $31 million in return for a 40% stake in the JV, while Neptunus Interlong Bio-Technique (NIBT) will contribute the equivalent of $47 million in assets. Within five years of the establishment of a JV, GSK has the option to increase its equity interest to reach up to a majority position of the JV.
Jean Stephenne, president and general manager of GlaxoSmithKline Biologicals, said: “This collaboration marks another step in our strategy to build our vaccines presence in critical emerging markets, such as China. The JV will combine the potential of GSK’s adjuvant technology and expertise in vaccine development together with NIBT’s extensive experience of the Chinese vaccines market and make use of their access to specific local influenza antigens. We are pleased to bring our technologies and expertise for new vaccines for the benefit of Chinese public health.”