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GSK to provide China with flu vaccines

(Agencies)
Updated: 2009-06-09 16:30

LONDON - Pharmaceutical giant GlaxoSmithKline on Tuesday said it had sealed a joint venture with Chinese biotechnology group Shenzhen Neptunus focused on making flu vaccines for China and neighbouring territories.

"The alliance will develop and manufacture influenza vaccines for the Chinese mainland, Hong Kong and Macao Special Administrative Regions," GSK said in a statement.

"This will include vaccines for seasonal, pre-pandemic and pandemic influenza. It is expected that these vaccines will become available over the next few years," said the London-based firm.

GSK will take a 40 percent stake in the joint venture at a cost of 21 million pounds in cash and assets. Shenzhen Neptunus' 60 percent stake will cost the equivalent of 31 million pounds.

Completion of the deal was expected in the fourth quarter of 2009, subject to regulatory approval.

Special coverage: A(H1N1) Influenza Outbreak Related readings:  GSK sees opportunity in China  China may have vaccine to new flu by July  HK gov't to procure new flu vaccine for public  WHO: H1N1 flu vaccine delayed until mid-July  Drug firms play waiting game for vaccine