Following the deal, 51% of the JVC will be owned by Materia Medica and 49% by Angel Biotechnology.
The companies intend to commission new product programmes, manage production and increase the size of Angel’s GMP facility at Cramlington.
The facility will be managed, operated and staffed by Angel, supported by Angel’s infrastructure, and covered by Angel’s licences.
The JVC will also occupy a non-GMP development laboratory.