Bio-Bridge Science has declared that its wholly-owned subsidiary, Bio-Bridge Science has entered into a joint venture contract with JR Scientific to form a new cell culture medium joint venture in Beijing, China.
The registered capital of the new joint venture will be RMB 10 million. Bio-Bridge Science will invest RMB 5.1 milion in cash for a 51% controlling interest, and JRS will provide technology for a 15% ownership interest in the new joint venture.
The new joint venture is expected to provide cell culture medium for scientific research and vaccine production for both internal and external purposes, as well as to provide the company with another source of revenue, diversified product offerings, and expanded sales and trade networks.
Dr. Liang Qiao, Chairman and CEO of Bio-Bridge Science, said: “We are pleased to see the execution of the joint venture contract among Bio-Bridge Science, JRS and other investors. The new joint venture will complement our previous controlling stake acquisition of Xinheng Baide., a serum manufacturing company, strengthening our position as a vaccine-related biomaterials supplier in China.”