(Yicai Global) Sept. 21 -- China's biopharma firm Changchun High & New Technology Industries will team up with Iceland's drugmaker Alvotech to develop and sell biosimilars in China.
The parties signed an agreement to set up a joint venture with a registered capital of USD200 million, the Changchun-based firm said in a statement yesterday. The two companies will each hold one half of the new venture that aims to produce medicine that apes the original inventor's design.
The Chinese firm will invest USD100 million in cash while the Reykjavik-based company will put in USD10 million, as well as grant six drug licenses valued at USD90 million. The permits to use these medical patents will last for five years.
The JV will have an exclusive right to develop, import and sell these six drugs in China's mainland, while looking for international opportunities.
Editor: Emmi Laine