Glaxo takes full control of China JV

14th Jun 2011 08:06

Drug giant GlaxoSmithKline has taken another step towards increasing its presence in emerging markets, with the acquisition of the remaining 51% interest in a joint venture established in China to develop 'flu vaccines.It paid Shenzhen Neptunus Interlong Bio-Technique £24m for the stake in the joint venture, which is called Shenzhen GSK-Neptunus Biologicals (GSKNB). Glaxo will become the sole owner of the JV after the agreement is approved by the Chinese authorities.GSKNB was established in June 2009. Glaxo lifted its holding to 49% from 40% in August last year."The decision to acquire the remaining equity interest in GSKNB reflects the importance GSK places in expanding our product offering in China and making new vaccines available to improve public health in this fast growing emerging market," chairman and president of GlaxoSmithKline Biologicals Jean Stephenne said. "GSKNB employees have made good progress preparing the site for the production of influenza vaccines and we look forward to continuing this work."---RG