Zhejiang Beta Pharma Co Ltd has formed a joint venture with US-based biopharmaceutical company Amgen Inc to commercialize Amgen's anti-cancer medicines in the Chinese market.

Ownership of the new venture, to be named Amgen-Beta Pharmaceuticals Co Ltd, will be split 51/49 in favor of Zhejiang Beta, and is still subject to approval by relevant government authorities in China.

Zhejiang Beta is considered an expert in the development and commercialization of molecularly targeted therapies as well as its oncology sales network in China, while Amgen's global expertise lies in the development and manufacturing of human therapeutics.

"This joint venture brings us one step closer to providing Chinese patients with Amgen's medicines and supports our strategy of expanding in key, fast-growing markets," said Anthony C. Hooper, Amgen's executive vice-president.

Ding Lieming, chairman of Zhejiang Beta, described the deal as having "long-term strategic significance not only for Zhejiang province, but also for the whole medical community in China".