GlaxoSmithKline to collaborate with biological company
4 December 2008 00:00 in Pharmaceutical Company Product News
GlaxoSmithKline (GSK) is to collaborate with Shenzhen Neptunus Interlong Bio-Technique.
The joint venture will see a 60-40 split for the research and development, production and after-sales services of human influenza vaccines.
As a result of the agreement, the formed-subsidiary is to be called Shenzhen GSK-Neptunus Biologicals and is set to receive investments of $99.9 million (68.23 million pounds).
It is also planned to get equipment, real estate assets and technology and proprietary rights worth $47 million from Shenzhen Neptunus Interlong Bio-Technique.
GSK is additionally set to fund $31.33 million, with plans to buy more shares in the venture in the future.
Last month, the company announced the immune response of Cervarix may be prolonged for "at least" 20 years, for HPV (human papillomavirus) 16 and 18.
GSK's announcement follows results of three statistical models - power-law, modified power-law and piece-wise - which aimed to successfully predict the long-term persistence of antibodies against the two types of the virus.
More recently, the company has been accused of delaying and impeding the entry of generic drugs to the market by the European commissioner for competition.
Neelie Kroes alleged GSK and others had collectively cost 17 member states three billion euros between 2000 and 2007.
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Story collated for Zenopa by the Adfero News Agency