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GlaxoSmithKline to launch joint venture in China for influenza vaccines
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GlaxoSmithKline to launch joint venture in China for influenza vaccines
First World
Autor: Mark Todoruk
Data: 09 de junho de 2009
GlaxoSmithKline announced on Tuesday that it will establish a joint venture with Shenzhen Neptunus for the development and manufacture of influenza vaccines for China, Hong Kong and Macau. The drugmaker noted that the collaboration would include seasonal, pre-pandemic and pandemic influenza vaccines.
Under the terms of the deal, GlaxoSmithKline will contribute 21 million pounds ($34 million) in cash and assets to take a 40-percent stake in the venture, and it is expected to acquire a majority equity interest within two years. The company will also make available its proprietary adjuvant system, while Shenzhen Neptunus "will provide additional local manufacturing capacity and R&D expertise," GlaxoSmithKline stated. The Chinese company's initial 60-percent stake is valued at 31 million pounds ($50 million).
Analyst Simon Mather of WestLB noted that "this deal is a further demonstration of CEO Andrew Witty's desire to increase exposure in the emerging markets" as the world faces a potential influenza A (H1N1) pandemic. A current forecast by WestLB is calling for sales of 3.1 billion pounds ($5 billion) this year at GlaxoSmithKline's vaccines business, which would be a 23-percent increase over 2008. The estimate increases to 3.7 billion pounds ($6 billion) if the drugmaker can supply European governments with recent orders for pandemic vaccine by the end of 2009.
Publicado 5 de Agosto de 2009 às 17:04:32 |
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